WEBVTT

01:00.940 --> 01:03.520
Hello and welcome to, where am I?

01:04.480 --> 01:05.740
The King Hero's Journey podcast,

01:06.100 --> 01:07.580
I got a few podcasts on the go now,

01:07.620 --> 01:09.620
so my brain goes, okay, which one, Beth, where are we?

01:10.900 --> 01:14.240
And today I'm super excited to be hosting Brandon Sterling,

01:14.360 --> 01:15.720
as you can see from the banner below,

01:15.860 --> 01:17.420
to talk about the economy.

01:18.060 --> 01:19.380
Brandon's been on many times,

01:19.560 --> 01:21.980
and every time things take a turn

01:21.980 --> 01:23.620
in the dramatic direction

01:23.620 --> 01:25.280
and there's some event in the world,

01:25.500 --> 01:26.460
my first thought is always,

01:26.820 --> 01:28.100
why don't we talk to Brandon

01:28.100 --> 01:29.500
and actually see what's going on?

01:30.340 --> 01:32.880
So I'll bring him on without further ado.

01:34.760 --> 01:35.920
Hello and welcome, Brandon.

01:36.560 --> 01:37.840
Hello, hello, it's good to be back.

01:38.320 --> 01:39.220
Yeah, good to have you here.

01:39.400 --> 01:40.900
Good to get to know you over time.

01:41.600 --> 01:42.380
You know, that's the kind of thing

01:42.380 --> 01:44.420
that we didn't have the luxury of early on

01:44.420 --> 01:45.000
in the pandemic,

01:45.000 --> 01:47.360
because a lot of people just came together

01:47.360 --> 01:50.940
like, you know, kind of trauma bonding, literally.

01:51.760 --> 01:53.480
And you didn't know them from Adam,

01:53.600 --> 01:54.980
but you got to know them

01:54.980 --> 01:59.420
and time is always the best measure of a person,

01:59.560 --> 02:01.240
actually, how they show up over time.

02:03.220 --> 02:04.820
So. Yeah, that's so true.

02:05.040 --> 02:06.520
I was, during that period,

02:06.680 --> 02:07.680
I was having the time of my life.

02:09.100 --> 02:10.160
Right, right.

02:10.340 --> 02:11.600
Well, that's what I noticed

02:11.600 --> 02:14.720
that some people just went down and crashed

02:14.720 --> 02:18.340
and, you know, ended up giving in to things

02:18.340 --> 02:19.780
they didn't want in their body

02:19.780 --> 02:22.600
and, you know, just went through murder,

02:22.600 --> 02:24.200
lost all their money.

02:25.400 --> 02:28.440
And then other people used it as a ramp to like,

02:28.520 --> 02:31.140
oh, I'm going up, I'm doing things here.

02:31.340 --> 02:33.440
That certainly happened for me on a creative level.

02:34.680 --> 02:36.760
That's my answer to everything is create,

02:37.080 --> 02:38.000
when in doubt, create,

02:39.080 --> 02:40.820
but not from a doubtful place,

02:40.940 --> 02:43.580
hopefully from a place where there's some actual freedom.

02:43.920 --> 02:48.020
So that, yeah, we're up and running it.

02:48.080 --> 02:50.300
You guys have heard me talk about my creator code course

02:50.300 --> 02:54.880
that was birthed of my last, I'll say breakdown, right?

02:55.080 --> 02:57.540
That every time life has knocked me down

02:57.540 --> 02:59.460
and it was a series of freak accidents,

02:59.660 --> 03:02.480
you can go and listen to Beth of Fresh Air Episode Number One,

03:02.560 --> 03:04.420
which was also born out of that.

03:05.120 --> 03:08.260
And here it, you know, where I was at

03:08.260 --> 03:09.760
and where I'm at now.

03:10.560 --> 03:14.120
And the whole process that I've used my entire life

03:14.120 --> 03:18.440
to go from a place of feeling like the slate

03:18.440 --> 03:21.200
has been completely cleared after a breakdown,

03:21.360 --> 03:22.840
which is good, that's healing,

03:23.400 --> 03:25.840
but how to begin again, how to come back.

03:26.540 --> 03:29.140
And I know the field of economics is full of that.

03:29.500 --> 03:33.240
I bet you know a bunch of people who made a bunch of money

03:33.240 --> 03:34.760
and lost a bunch of money.

03:35.080 --> 03:38.900
And typically those that go bankrupt have done it several,

03:39.140 --> 03:41.320
or what is it, the stat that millionaires

03:41.320 --> 03:44.700
have often bankrupted one or more times

03:44.700 --> 03:47.720
in their career first.

03:48.520 --> 03:50.280
Yeah, I mean, it's not uncommon,

03:50.740 --> 03:53.100
but what's interesting is it's not the individual

03:53.100 --> 03:56.480
that goes bankrupt, it's often an entity separate themselves.

03:57.200 --> 04:00.160
So in that sense, it actually in some cases can be smart.

04:01.500 --> 04:02.740
Got it, got it.

04:02.820 --> 04:04.900
Yeah, compared to an individual bankrupting

04:04.900 --> 04:07.360
and then having to deal with seven years of no credits

04:07.360 --> 04:09.940
and starting fresh with a credit score.

04:10.580 --> 04:12.440
Yeah, I'm happy with my son, by the way,

04:12.440 --> 04:15.160
my 19 year old is very tuned in to credit

04:15.160 --> 04:17.060
even though he doesn't plan on using any

04:17.060 --> 04:19.540
because he's vicariously learned through you and me.

04:20.580 --> 04:24.160
And, but he's mindful, like I wanna have a card

04:24.160 --> 04:28.200
that gives me a track record and it's fun to see him

04:28.200 --> 04:30.980
because I was not thinking like that at 19, I tell ya.

04:33.900 --> 04:36.300
Yeah, so today we're gonna be talking about

04:36.660 --> 04:40.000
the thing that did spark the wanting to have

04:40.000 --> 04:44.520
Brandon on again was the news when Trump broke in

04:44.520 --> 04:47.840
and removed Maduro, it was a Maduro,

04:47.960 --> 04:49.240
am I getting the name right from?

04:49.400 --> 04:49.720
Maduro, yeah.

04:50.040 --> 04:51.680
Maduro from his position

04:51.680 --> 04:56.960
and made this dramatic massive international statement

04:58.280 --> 05:01.300
and it's supposedly about an oil plan,

05:01.840 --> 05:04.680
but Brandon, you actually have a really good video

05:04.680 --> 05:07.360
on your YouTube, walking through this,

05:07.360 --> 05:11.100
but for knowing that not everybody has seen that yet,

05:11.700 --> 05:14.660
you can bear repeating if that comes up.

05:15.560 --> 05:19.920
We'll talk about what dumb money is doing right now,

05:20.080 --> 05:22.260
we're gonna talk about the employment crash,

05:22.380 --> 05:24.380
which is very real, we've been seeing that.

05:25.460 --> 05:28.980
Shout out to your trader builder business course

05:28.980 --> 05:30.080
that I've been in.

05:30.620 --> 05:32.300
Can you tell me how long has it been,

05:32.520 --> 05:34.920
are we going on, it's for a year for sure,

05:34.940 --> 05:35.980
but it feels like longer.

05:35.980 --> 05:37.060
How long have you been doing it?

05:37.680 --> 05:40.740
So this August will hit the two year mark actually.

05:41.380 --> 05:43.440
That's what I thought, yeah, yeah, exactly.

05:43.640 --> 05:46.560
And it's been invaluable for someone like myself,

05:47.060 --> 05:49.380
I may or may not trade, I think you know that,

05:49.900 --> 05:53.560
but I come for the knowledge to see

05:53.560 --> 05:55.820
what is actually happening in the markets,

05:55.980 --> 05:57.780
I find it's so interesting.

05:58.320 --> 06:00.800
I'm not able to exactly do anything with it,

06:00.820 --> 06:04.600
but it's good because your imagination is much more

06:04.600 --> 06:09.940
almost always more stressful or more frightening

06:09.940 --> 06:11.920
than what's real.

06:12.100 --> 06:13.580
When you got something real, it's like, okay,

06:13.640 --> 06:16.580
there's a ground and this is what we're working with.

06:17.400 --> 06:19.140
So yeah, that's way better.

06:19.820 --> 06:22.680
We'll talk about the volatility in the stock market

06:23.380 --> 06:25.820
and what the dramatic rise in the value

06:25.820 --> 06:29.120
of precious metals might mean about the economy.

06:29.720 --> 06:30.960
Everyone's chirping about that.

06:31.380 --> 06:34.120
And then we'll talk about the future of the economy,

06:34.120 --> 06:37.140
maybe you see coming compared to what's been

06:37.140 --> 06:41.140
historically patterned out, what might be different now.

06:42.560 --> 06:44.400
So where would you like to begin, Brandon?

06:45.240 --> 06:47.680
Sure, well, let's start with the geopolitical front.

06:48.220 --> 06:51.280
That's the very top of the macro picture right now,

06:51.400 --> 06:54.200
kind of influencing more things down the line

06:54.820 --> 06:56.620
and ultimately reaching our lives.

06:57.280 --> 06:59.580
So let's just start at the very top actually.

07:02.560 --> 07:04.300
And would you like your presentation?

07:05.020 --> 07:06.080
Sure, let's get started.

07:06.360 --> 07:06.980
Okay, perfect.

07:08.340 --> 07:10.540
Now you could all take the banner down just for now,

07:11.060 --> 07:14.280
but you can find Brandon by the way at school.com

07:14.900 --> 07:17.660
backslash trading business backslash about

07:18.240 --> 07:21.700
and I'll share a link as well in the chat as we go.

07:23.440 --> 07:26.260
All right, so everyone is reacting to the headlines

07:26.260 --> 07:29.000
again and we're having talks of World War III,

07:29.780 --> 07:31.340
precious metals are going to the moon.

07:32.060 --> 07:33.080
So we have a lot to cover

07:33.080 --> 07:35.340
and I'll explain why these things are happening.

07:35.980 --> 07:38.520
But as a trader, I look at the instructional math

07:39.720 --> 07:42.140
and I'm not just looking at 2026,

07:42.780 --> 07:45.380
I'm actually looking at the next decade

07:45.380 --> 07:46.880
of geopolitical rewiring.

07:47.940 --> 07:51.360
So we'll cover why Venezuela, Greenland and Iran

07:51.360 --> 07:53.240
aren't the quick fixes savior.

07:53.820 --> 07:56.740
You can promise from the Trump admin in the media.

07:57.800 --> 07:59.900
We'll also cover why precious metals break out

08:00.360 --> 08:03.500
is a systematic signal that you just can't ignore right now.

08:04.100 --> 08:05.900
And we'll also cover how to navigate

08:06.400 --> 08:10.200
the frozen labor market that's already being eaten by AI

08:10.200 --> 08:13.140
and I'll show you how to thrive in it outside the system.

08:14.340 --> 08:16.400
Right, that's a very big thing with the AI,

08:16.900 --> 08:18.800
literally eating up the jobs.

08:19.200 --> 08:21.380
So yeah, I definitely want to go deep into that as well.

08:22.640 --> 08:25.520
Yeah, so this isn't about fear base forecasting, okay?

08:26.640 --> 08:29.000
I'm really going to be covering what I call

08:29.000 --> 08:32.360
the great decoupling of labor and wealth

08:32.360 --> 08:37.040
and the data I'll provide will show why energy,

08:38.360 --> 08:40.900
hegemony is really the only end game that matters

08:40.900 --> 08:41.780
when it comes to geopolitics.

08:42.360 --> 08:44.840
So if you don't understand the shift from working

08:44.840 --> 08:46.700
for money to being in the know,

08:47.180 --> 08:48.540
you're going to be on the wrong side

08:48.540 --> 08:50.380
of the largest well transfer in history.

08:51.300 --> 08:53.040
Can you define hegemony?

08:54.120 --> 08:56.800
Yeah, so basically, I'll give you an example.

08:57.220 --> 09:01.440
So the US right now, the US dollar has the hegemony

09:01.860 --> 09:04.680
when it comes to world currency, world reserve.

09:06.360 --> 09:09.900
Now on the energy front, the US is also trying

09:09.900 --> 09:13.720
to be the biggest player when it comes to energy hegemony.

09:14.540 --> 09:17.420
So there's a few countries battling it out right now

09:17.420 --> 09:19.340
and that's why we're seeing what we're seeing in the news.

09:20.560 --> 09:24.240
So hegemony would be like eminence being the leader.

09:24.900 --> 09:25.780
Yes, exactly.

09:26.180 --> 09:26.900
Okay, perfect.

09:27.900 --> 09:30.040
Good, so I'll stop you when I don't understand things

09:30.040 --> 09:30.700
if that's all right.

09:30.720 --> 09:31.100
Sure, yeah.

09:31.100 --> 09:32.520
It'll help everybody too.

09:33.580 --> 09:36.000
Brendan, you are very smart, you have a lot of knowledge

09:36.000 --> 09:39.780
and so I'll help to translate that at times.

09:40.440 --> 09:41.600
Come and say hello in the chat.

09:41.700 --> 09:43.780
If anybody's there, let us know you're there.

09:44.020 --> 09:46.740
As usual, these streams are extremely shadow banned.

09:46.920 --> 09:47.820
It's getting worse.

09:47.820 --> 09:50.800
People are telling me they have to go looking for me.

09:50.880 --> 09:52.260
They get unsubscribed.

09:53.000 --> 09:55.940
Their comments disappear in my videos.

09:56.520 --> 09:58.200
Sometimes I get off one of these.

09:58.420 --> 10:01.440
There's less views than there were people in the chat.

10:02.140 --> 10:04.700
So it's amazing that it gets out at all

10:05.260 --> 10:06.420
and it's got to be organic.

10:06.660 --> 10:07.860
So help with that would be awesome.

10:09.180 --> 10:10.140
All right, Brendan.

10:10.380 --> 10:12.300
So wherever you would like to go with us.

10:12.440 --> 10:13.380
Ah, Janice Bicello.

10:14.000 --> 10:14.900
Nice to see you.

10:14.900 --> 10:15.700
I haven't seen you for a while.

10:15.700 --> 10:20.160
Yeah, so let's start first with the very macro geopolitics

10:20.160 --> 10:21.180
and world events right now.

10:21.500 --> 10:25.020
So then as we go on, I'll show you these events

10:25.020 --> 10:27.380
and themes are shaping your future down the line.

10:28.300 --> 10:30.660
So like I've been kind of saying on this show

10:30.660 --> 10:31.640
the last couple of years,

10:31.960 --> 10:35.980
the old free trade globalism model has been dying.

10:36.700 --> 10:39.180
Like we've been covering the last couple of years.

10:39.300 --> 10:42.080
So we're starting to see the nails in the coffin emerge.

10:43.000 --> 10:44.580
So right now we're witnessing

10:44.580 --> 10:46.860
a fundamental pivot towards what I call

10:46.860 --> 10:48.240
nation-state protectionism.

10:49.040 --> 10:51.280
And the US right now is utilizing regime change

10:51.280 --> 10:55.420
in strategic posture to monopolize

10:55.960 --> 10:58.380
the physical commodities needed for the next century.

11:00.500 --> 11:01.060
Okay.

11:01.660 --> 11:04.440
And so just to repeat for maybe people who haven't heard

11:04.440 --> 11:07.160
that we have the narrative and the truth world

11:07.160 --> 11:08.020
that we're moving,

11:08.240 --> 11:10.680
they want us to move towards some globalist culture

11:11.220 --> 11:13.520
but where you get one world religion,

11:13.520 --> 11:15.120
one world leader, one politic.

11:15.940 --> 11:18.700
And you've always shown how that's actually not the case.

11:19.740 --> 11:21.980
Yeah. And later as we go on Elf,

11:22.160 --> 11:24.140
hopefully show how evident that is.

11:24.540 --> 11:25.060
Great.

11:26.280 --> 11:28.600
So yeah, everyone's talking about Greenland right now.

11:29.300 --> 11:31.800
I will say don't ignore the Greenland play.

11:32.600 --> 11:35.020
It isn't just a meme that's going around online.

11:35.600 --> 11:38.000
This is actually a strategic mineral acquisition

11:38.360 --> 11:39.940
that the US is trying to get.

11:40.820 --> 11:42.860
Now in this picture, you can see that Greenland

11:42.860 --> 11:45.480
holds 25% of the world's rare earth minerals.

11:46.460 --> 11:48.460
And for context, the rare earth minerals

11:48.460 --> 11:52.820
are what needed to field the next tech boom

11:52.820 --> 11:55.400
that we're seeing in AI and electronics in general.

11:56.580 --> 12:00.660
So right now, the world's powers are really battling out

12:01.360 --> 12:03.820
over minerals amongst other commodities that we'll cover.

12:05.260 --> 12:07.480
So what's interesting about Greenland right now,

12:08.100 --> 12:11.720
it may seem like a meme or media talk right now,

12:11.720 --> 12:15.580
but the US Export-Import Bank actually just issued

12:15.580 --> 12:18.500
a $120 million letter of interest to fund

12:19.090 --> 12:20.960
the tambourines mine here in Greenland

12:20.960 --> 12:22.760
that stores these minerals.

12:24.120 --> 12:27.620
Now what's interesting about this is has the US

12:27.620 --> 12:30.220
we're overriding a soft NATO.

12:30.920 --> 12:33.440
And I say soft NATO because in retrospect,

12:33.580 --> 12:37.020
they've been too soft when it comes to the Russian-Ukraine

12:38.600 --> 12:40.480
confrontation war, let's call it.

12:41.720 --> 12:43.440
And they've been losing that battle

12:43.440 --> 12:45.680
as it's been clear and clear by the day,

12:45.680 --> 12:48.540
despite the propaganda we've been fed the last couple of years.

12:49.180 --> 12:52.080
All Russia is gonna fall over the next day at any point.

12:52.800 --> 12:54.260
That just hasn't been the case.

12:54.360 --> 12:55.760
And we're actually losing battleground

12:55.760 --> 12:58.400
as we speak over in Ukraine.

12:59.260 --> 13:01.500
Now I don't have hopes in the peace talks either.

13:02.300 --> 13:05.480
I think Putin is really riding that out as long as he can.

13:06.500 --> 13:09.040
And just really draining the West,

13:09.040 --> 13:11.320
especially NATO of resources.

13:12.260 --> 13:15.080
And this is important for Putin because,

13:15.500 --> 13:17.440
well, as we've seen through NATO,

13:19.760 --> 13:22.300
European countries have not really been contributing

13:22.300 --> 13:23.540
to that as much as the US.

13:24.220 --> 13:26.560
And the US is talking about overriding NATO here

13:26.560 --> 13:27.760
with this Greenland thing.

13:28.220 --> 13:29.020
If you guys don't know,

13:29.220 --> 13:32.520
Greenland is currently owned by Denmark.

13:33.220 --> 13:35.780
And what's interesting and ironic about that

13:36.340 --> 13:38.300
is over almost a century ago,

13:38.300 --> 13:40.000
I can't remember which president it was at the time,

13:40.200 --> 13:42.080
but they actually signed a treaty

13:42.080 --> 13:45.320
with the current PM of Denmark at that time

13:45.320 --> 13:48.480
agreeing that because Denmark allowed the US

13:48.480 --> 13:50.000
to buy the US Virgin Islands,

13:50.200 --> 13:51.880
we would never try to take Greenland.

13:52.820 --> 13:55.720
Now, a treaty is not a legal document.

13:55.820 --> 13:57.000
It's really just hearsay.

13:57.600 --> 13:59.100
And we can see right now,

13:59.240 --> 14:01.080
with this administration's actions,

14:01.600 --> 14:02.920
they're definitely ignoring that.

14:03.800 --> 14:05.040
As well as NATO,

14:05.040 --> 14:10.100
NATO has threatened to try to protect Greenland.

14:10.300 --> 14:13.540
But as we've seen in through the Ukraine-Russian war,

14:14.300 --> 14:16.560
they don't have the resources to do it, but we do.

14:18.100 --> 14:19.640
So the Greenland thing,

14:19.700 --> 14:22.460
I think might happen sometime soon.

14:23.040 --> 14:25.160
I don't have an exact date, of course, but...

14:25.660 --> 14:27.800
So yeah, Greenland is really the endgame.

14:28.280 --> 14:30.080
And then also Iran is next.

14:30.180 --> 14:31.580
And I'll show you why that is.

14:32.060 --> 14:33.240
Could I ask a quick question?

14:34.160 --> 14:34.400
Sure.

14:34.400 --> 14:37.160
So it sounds like there's literally conflict

14:37.160 --> 14:39.040
between Trump and NATO.

14:39.340 --> 14:42.500
What you're saying is Trump is overriding NATO.

14:43.140 --> 14:46.400
And so maybe you're already gonna speak to that,

14:46.420 --> 14:47.500
but what are the implications

14:47.900 --> 14:50.300
for all the NATO countries, for example?

14:51.000 --> 14:53.500
Well, they've been trying to play tough with words, Omi.

14:53.900 --> 14:55.880
But if we actually look on boosts on the ground

14:55.880 --> 14:56.420
in Greenland,

14:56.600 --> 14:59.600
we have about seven to 11 air bases

14:59.600 --> 15:02.060
or military bases there right now.

15:02.060 --> 15:04.300
That's the most compared to any other nation.

15:05.040 --> 15:08.460
The European Union, they've only provided a handful

15:08.460 --> 15:10.300
in comparison to our capacity there.

15:11.480 --> 15:13.940
Now, Trump, this is what I mean by,

15:14.060 --> 15:16.020
the nation-state protectionism.

15:16.780 --> 15:18.820
Trump is really the first to rattle the cage

15:18.820 --> 15:20.100
with that on the world stage

15:20.100 --> 15:21.860
when it comes to not only the NATO alliance,

15:22.520 --> 15:24.180
he's been talking about how we need to pull out.

15:24.240 --> 15:25.780
It's really just a money drain for us.

15:26.440 --> 15:28.000
And that goes into the isolationism

15:28.000 --> 15:29.500
that I've been forecasting.

15:30.360 --> 15:31.800
And we're seeing it in real time

15:31.800 --> 15:34.820
when it comes to US separating from Europe.

15:36.940 --> 15:40.560
So, Europe, we've seen this just too weak.

15:41.120 --> 15:42.540
And right now, they're actually meeting

15:42.540 --> 15:44.860
at the World Economic Forum as we speak at Davos,

15:46.180 --> 15:47.560
this leader here,

15:48.500 --> 15:52.500
who looks like a gremlin who knows what that is.

15:53.380 --> 15:56.320
But they keep talking to the same talking points.

15:56.420 --> 15:57.840
Well, Trump actually was just there

15:57.840 --> 15:59.040
and he just doubled down,

15:59.440 --> 16:01.000
saying, we will take Greenland

16:01.000 --> 16:03.300
despite the European sentiment.

16:04.340 --> 16:06.420
Right, any chance you're gonna take Canada?

16:06.780 --> 16:07.700
Please take Canada.

16:08.580 --> 16:11.020
So, we won't be able to take it as a whole,

16:11.260 --> 16:13.420
as a 51st state, as it's been touted

16:13.760 --> 16:15.160
by the truth socials post.

16:16.440 --> 16:19.400
The only likely scenario would be that

16:20.200 --> 16:23.740
a province would succeed from Canada

16:23.740 --> 16:24.980
and enter the US.

16:25.840 --> 16:27.280
Right, and we're seeing Alberta

16:27.280 --> 16:28.900
try to position themselves that way.

16:29.040 --> 16:31.140
Alberta is the most likely to do that,

16:31.500 --> 16:34.740
although we have bigger problems on the board right now.

16:34.820 --> 16:36.520
So, I don't anticipate that to happen soon.

16:37.320 --> 16:38.800
Also, when it comes to Carney,

16:39.460 --> 16:40.260
which is interesting is,

16:40.320 --> 16:42.360
the Canadians are the dumbest people ever.

16:42.900 --> 16:44.200
We joke about how Americans are,

16:44.440 --> 16:46.540
but in this latest election cycle,

16:47.180 --> 16:48.060
the fake election,

16:50.320 --> 16:52.200
Carney is really just a banker.

16:52.380 --> 16:53.700
He doesn't represent Canada,

16:54.340 --> 16:55.900
although the liberal Canadians,

16:55.900 --> 16:58.300
which is probably the majority of you guys there,

16:59.060 --> 17:00.540
they believe that he's looking out

17:00.540 --> 17:01.580
for Canada's best interests.

17:02.040 --> 17:03.900
Well, historically, Canada has been

17:04.500 --> 17:06.840
really just a trough of resources

17:07.520 --> 17:08.540
for the British crown.

17:09.720 --> 17:11.860
And if we look at Carney's background,

17:12.380 --> 17:14.840
he was a banker at Goldman Sachs first,

17:15.040 --> 17:15.900
working in New York.

17:16.760 --> 17:18.300
So, it wouldn't be a surprise to me

17:18.300 --> 17:21.160
if Trump and him had a relationship in the decades past.

17:21.860 --> 17:23.520
He was pretty high up in Goldman Sachs.

17:24.360 --> 17:26.920
Now, I know quite a bit about Goldman Sachs.

17:27.080 --> 17:28.640
They really only hire psychopaths.

17:28.880 --> 17:29.800
They kind of screen them out.

17:30.340 --> 17:31.980
It's really interesting how that works,

17:32.120 --> 17:33.860
but they all are delusional.

17:34.600 --> 17:37.720
And unfortunately, when it comes to Carney,

17:39.040 --> 17:41.900
he really is just a not only Goldman Sachs banker,

17:42.020 --> 17:44.760
but he also has a background in central banking.

17:45.340 --> 17:46.700
He was the first foreigner to be

17:47.300 --> 17:49.060
the central bank head for Bank of England.

17:50.320 --> 17:51.680
So, what does that tell you?

17:52.660 --> 17:55.220
The British is still very much in control of Canada.

17:55.500 --> 17:57.600
So, we'll have to see how that plays out.

17:58.140 --> 18:01.200
I don't think the UK would really have the resources

18:01.200 --> 18:05.220
to challenge a province from succeeding.

18:06.640 --> 18:08.820
There might be some legal stops and a lot of lawsuits,

18:09.060 --> 18:13.200
but Trump, he's a TV personality, right?

18:13.720 --> 18:16.300
So even the talks and rumors of this happening

18:16.300 --> 18:17.280
is a win for him.

18:17.400 --> 18:19.620
It gives him a relevancy in the media,

18:20.200 --> 18:22.100
as well as the other things going on right now.

18:22.380 --> 18:25.480
So, bad news or not is good news for Trump.

18:26.480 --> 18:27.180
Got it.

18:29.960 --> 18:31.480
Yeah, they know how to work the media.

18:31.740 --> 18:35.240
That's like they always said in the marketing world

18:35.240 --> 18:38.140
that any publicity is good publicity.

18:38.280 --> 18:40.260
It doesn't matter whether it's bad or wrong.

18:40.380 --> 18:41.200
It gets you out there,

18:41.280 --> 18:42.460
gets people thinking about you,

18:43.220 --> 18:45.440
taking a position for or against you,

18:45.460 --> 18:46.960
which works all for you.

18:47.460 --> 18:49.140
Yeah, and throughout the years,

18:49.400 --> 18:50.700
even as a TV personality,

18:50.960 --> 18:52.240
all the way down to the presidencies,

18:53.100 --> 18:56.120
Trump is really doubled down on that point.

18:56.880 --> 18:57.880
All news is good news.

18:58.960 --> 19:01.560
He has a masterful way of getting people,

19:01.640 --> 19:03.060
even his supporters to hate him,

19:03.260 --> 19:04.460
even turn their back on him.

19:05.140 --> 19:06.580
And then next, he surprises somebody,

19:07.560 --> 19:09.580
the surprise of element, he's great at that.

19:09.980 --> 19:11.100
Keeps everyone on their edge

19:11.100 --> 19:12.800
and gets the base back excited.

19:13.160 --> 19:15.100
So, we'll have to see what happens with this,

19:15.100 --> 19:18.340
but I think there are some things

19:18.340 --> 19:19.900
and some challenges he's gonna have to face,

19:19.980 --> 19:20.740
which we'll talk about.

19:20.820 --> 19:21.920
It's not gonna be some smooth sailing,

19:22.060 --> 19:23.320
like it may sound.

19:24.540 --> 19:26.080
It's not gonna be easy for him to take over Iran.

19:26.360 --> 19:28.180
It's not gonna be easy for him to take over Greenland,

19:29.160 --> 19:32.120
which are really the main two major battlefields right now

19:32.120 --> 19:33.100
when it comes to the world stage.

19:34.440 --> 19:36.740
Okay, and coming back to oil, basically, right?

19:37.780 --> 19:40.260
And that leads me to my next point with Maduro.

19:40.260 --> 19:45.240
You know, we definitely have seen the major ulcer of this guy

19:45.940 --> 19:48.880
and it has triggered a gold rush narrative in the media,

19:49.020 --> 19:50.200
you know, from conservatives,

19:50.300 --> 19:52.100
even to the liberal Bloombergs.

19:53.340 --> 19:54.980
Basically, it's saying that President Trump

19:54.980 --> 19:57.020
is promising a massive revival

19:57.660 --> 19:59.400
of the Venezuela oil industry

19:59.400 --> 20:00.940
within 18 months from now.

20:01.900 --> 20:05.300
However, the gap between geopolitical ambition of Trump

20:05.920 --> 20:08.640
and the geological reality is massive here.

20:08.640 --> 20:10.840
So it's not gonna be as smooth sailing as it may sound.

20:12.640 --> 20:13.080
Okay.

20:14.240 --> 20:18.180
So the promise is the U.S. is gonna help expand operations

20:18.180 --> 20:21.320
of Venezuela and start making money,

20:21.320 --> 20:23.480
basically, off this oil in under 18 months.

20:24.300 --> 20:26.380
But the reality is, you know,

20:26.420 --> 20:29.480
a lot of oil experts are saying, you know,

20:29.540 --> 20:31.240
this is gonna take closer to the five to seven years,

20:31.340 --> 20:33.140
actually, just to double production

20:33.140 --> 20:34.540
to two million barrels per day.

20:35.460 --> 20:39.180
Now, the price tag is another issue here.

20:39.980 --> 20:42.360
So, you know, returning to the glory days

20:42.360 --> 20:46.620
of Venezuela for three million barrels of production

20:47.380 --> 20:53.980
would cost about 183 billion from now through 2020, 2040, actually.

20:54.800 --> 20:57.020
And really the only ones that are gonna be responsible

20:57.020 --> 20:58.240
for that would be, of course,

20:58.560 --> 21:01.600
the publicly traded companies like Chevron,

21:01.600 --> 21:05.600
that's the only oil refiner there right now,

21:05.600 --> 21:08.100
thanks to Joe Biden's lift on sanctions.

21:10.200 --> 21:10.640
Right.

21:10.840 --> 21:13.020
I know you're gonna get into it that, like,

21:13.040 --> 21:14.960
the quality of the oil is not even good

21:14.960 --> 21:16.920
and it's not comparable, yeah.

21:17.300 --> 21:17.700
Oh, yeah.

21:18.140 --> 21:21.120
Yeah, that gets me into the engineering bottleneck

21:21.540 --> 21:22.520
that we're facing here.

21:23.400 --> 21:25.680
So on this chart, you can see over here

21:25.680 --> 21:28.640
on the right side of this, it's hard to see,

21:28.640 --> 21:33.400
but Venezuelan oil actually is considered

21:33.400 --> 21:35.220
a low value oil worldwide.

21:37.180 --> 21:38.800
Now, I'll give you some background on this.

21:38.940 --> 21:40.880
Venezuela, it just doesn't pump oil,

21:41.080 --> 21:43.680
it pumps what the oil industry calls sludge.

21:45.100 --> 21:47.720
So their reserves in the Oranico Belt

21:48.340 --> 21:50.760
are what are called heavy sour crude,

21:51.280 --> 21:53.800
which is too thick, it's literally so thick

21:54.320 --> 21:55.800
it can't flow through pipelines

21:55.800 --> 21:57.980
or be processed by standard refineries.

21:58.480 --> 22:01.920
So to move this oil, you need what are called Upgraders,

22:02.560 --> 22:05.460
which are basically massive, multi-billion dollar,

22:05.620 --> 22:09.020
mini-refineries that turn this Venezuelan sludge

22:09.020 --> 22:11.900
into sin crude.

22:12.900 --> 22:15.460
So out of the four major Upgraders,

22:16.000 --> 22:17.940
only one run by Chevron, of course,

22:18.040 --> 22:20.000
I'll take a mention earlier, is currently functional.

22:20.920 --> 22:23.680
The others are rusted out or stripped for parts

22:23.680 --> 22:24.360
as we speak.

22:24.360 --> 22:27.560
So you cannot simply just reboot these units,

22:28.340 --> 22:30.640
you actually have to rebuild them all together.

22:31.800 --> 22:33.840
Right, yeah, that's huge.

22:35.080 --> 22:37.600
Yeah, so the headline about the US seizing,

22:37.900 --> 22:40.300
the 30, 50 billion barrels,

22:40.760 --> 22:41.980
and it's gonna make us rich.

22:42.660 --> 22:44.020
It sounds massive, right?

22:44.220 --> 22:48.160
But let's put it into quantitative context here.

22:48.340 --> 22:51.800
So the volume would be 50 million barrels,

22:51.800 --> 22:54.060
it's roughly two and a half days worth

22:54.060 --> 22:55.900
of US total oil consumption.

22:56.920 --> 22:58.560
So it wouldn't even amount to that much,

22:58.560 --> 23:00.140
even if the miracle did happen,

23:00.260 --> 23:05.100
we have of revising the Venezuelan oil industry.

23:06.660 --> 23:08.400
Now let's get back to the, oh, go ahead.

23:08.740 --> 23:10.840
Has the math hit the mainstream?

23:11.100 --> 23:12.640
Like, have they had to respond to that

23:12.640 --> 23:13.980
or they just throw out the numbers

23:13.980 --> 23:17.200
and everybody goes, ooh, ah, to a big number?

23:17.460 --> 23:20.120
A little bit, more on niche channels like Bloomberg.

23:20.120 --> 23:23.400
I don't really watch too much of the media to be honest,

23:23.540 --> 23:26.560
but that's kind of a more of a smart money outlet.

23:27.140 --> 23:30.140
And I have seen some presenters kind of bring this up.

23:30.160 --> 23:31.800
I don't think they mentioned the two and a half days

23:31.800 --> 23:33.820
of total US oil consumption though.

23:33.920 --> 23:36.360
That's something I discovered recently on my own.

23:37.900 --> 23:40.400
Yeah, do in the math, be in the quant.

23:40.960 --> 23:44.920
Yeah, yeah, so the back to the quality issue,

23:45.400 --> 23:47.260
bunch of this sanctioned oil

23:47.820 --> 23:50.380
is literally sitting on rusted tankers.

23:51.640 --> 23:53.720
So it's high sulfur.

23:54.020 --> 23:56.740
It's dirty, meaning it can't go anywhere, right?

23:57.360 --> 24:01.140
So it must go through complex Gulf Coast refineries.

24:01.300 --> 24:02.960
It's not like we can just take it back to the US.

24:04.140 --> 24:07.020
And these Gulf Coast refineries

24:07.020 --> 24:09.640
are already at high capacity as we speak.

24:11.540 --> 24:14.060
So for traders, or even for that matter,

24:14.120 --> 24:16.900
normies at home, the Venezuela story

24:16.900 --> 24:19.580
is really more of a long duration play.

24:20.000 --> 24:23.280
This is not gonna provide a short-term supply shock

24:23.280 --> 24:24.780
and make oil cheaper all of a sudden.

24:25.640 --> 24:27.320
All of a sudden you pay less at the pump.

24:29.080 --> 24:32.300
I'll talk about why oil has kind of gasoline in particular

24:32.300 --> 24:34.580
has gone down in price, but it has nothing to do

24:34.580 --> 24:35.000
with Venezuela.

24:35.280 --> 24:37.040
It was actually happening before all of this already.

24:37.520 --> 24:37.960
Okay.

24:38.560 --> 24:40.540
Yeah, just anecdotally, the gas prices

24:40.540 --> 24:42.680
have been fairly reasonable lately,

24:43.260 --> 24:45.140
fluctuating in a lower range.

24:45.140 --> 24:46.880
And then all of a sudden I'm driving the other day

24:46.880 --> 24:49.400
and it's like kaboom, it's way up all of a sudden

24:49.940 --> 24:50.800
for us anyway.

24:51.500 --> 24:54.920
Yeah, so oil has actually hit a 12-week high recently.

24:55.120 --> 24:56.540
So I'll be talking about why I'm actually,

24:57.500 --> 24:59.300
my outlook on oil is actually bullish,

24:59.320 --> 25:00.580
meaning I think it's gonna go up

25:00.580 --> 25:02.380
in the next year or two at least.

25:03.500 --> 25:05.400
So you might be happy to pump right now,

25:05.460 --> 25:06.860
but you better fill it now.

25:07.660 --> 25:08.920
Right, so stock up.

25:09.220 --> 25:10.660
So lately I've been just filling

25:10.660 --> 25:11.600
up as much as I can.

25:12.120 --> 25:12.720
Right, right.

25:12.720 --> 25:13.420
Yeah, it's interesting,

25:13.420 --> 25:17.660
because my son has become a fan of HEVs,

25:17.740 --> 25:20.040
the hybrid electric vehicles.

25:20.340 --> 25:20.740
Oh, fun.

25:20.960 --> 25:21.520
Yeah, yeah.

25:21.640 --> 25:23.780
So that you've got that to rely back on

25:23.780 --> 25:27.780
and not going full on EV, but yeah.

25:28.300 --> 25:29.320
Oh, that's very based of him.

25:29.480 --> 25:31.440
I think he sees through the EV illusion.

25:32.100 --> 25:34.360
I think we saw some projections,

25:34.360 --> 25:35.680
especially in California,

25:36.460 --> 25:40.240
where they're gonna get rid of all combustion oil

25:40.240 --> 25:42.280
of engines by 2030.

25:42.820 --> 25:44.700
And that's just simply not gonna be possible,

25:45.180 --> 25:46.760
especially at the price of these things.

25:46.980 --> 25:49.800
More than ever, EVs have been higher and higher in price.

25:50.260 --> 25:52.260
And that's actually why a car manufacturers

25:52.260 --> 25:54.300
and their stocks are suffering as we speak.

25:54.900 --> 25:56.740
Not enough people are interested in buying that.

25:57.380 --> 25:58.400
And a lot of people are priced

25:58.400 --> 25:59.600
out of the car market in general.

25:59.740 --> 26:01.460
The EVs are even more expensive

26:01.460 --> 26:04.600
than your standard truck or utility vehicle

26:04.600 --> 26:06.580
or even just a passenger vehicle.

26:07.680 --> 26:09.040
Yeah, if I could jump in here,

26:09.040 --> 26:11.560
we do have this illusion, I'd say,

26:11.920 --> 26:14.180
that the corporations are just pushing

26:14.180 --> 26:15.360
all their agendas on us

26:15.360 --> 26:16.940
and they're gonna do this and do that.

26:17.380 --> 26:19.840
But this is an example where the consumer spoke.

26:20.180 --> 26:21.120
They took a look at it.

26:21.200 --> 26:22.160
They saw a few fires.

26:22.900 --> 26:23.580
They looked at it.

26:24.220 --> 26:28.340
The truck looks, Elon's truck looks like a dumpster.

26:29.160 --> 26:29.220
Yeah.

26:29.640 --> 26:32.960
It became like a favorite way to make fun of things.

26:34.040 --> 26:36.440
And then so the people chose.

26:37.060 --> 26:38.620
And then the corporations inevitably,

26:38.620 --> 26:40.240
they go with the people

26:40.240 --> 26:41.320
because the people have the money.

26:42.280 --> 26:42.720
Yeah.

26:42.840 --> 26:44.900
I mean, everyone that's, you know, an Elon stand,

26:45.900 --> 26:48.100
they believe that Cybertruck was gonna, you know,

26:48.140 --> 26:49.960
really bring back the profitability of Tesla.

26:50.480 --> 26:51.700
That simply hasn't happened.

26:51.800 --> 26:53.380
They haven't sold barely any units

26:54.100 --> 26:55.920
compared to their earlier models.

26:57.100 --> 26:59.560
So, you know, my outlook on Tesla

26:59.560 --> 27:01.800
especially is pretty bearish in the long term.

27:01.920 --> 27:03.940
But you have to be careful on the timing with that one

27:03.940 --> 27:06.300
just because there's so many suckers

27:06.300 --> 27:07.820
when it comes to Tesla stock.

27:08.880 --> 27:09.360
Okay.

27:09.940 --> 27:10.320
Yeah.

27:10.420 --> 27:12.740
So would you call the people doing Tesla stocks

27:12.740 --> 27:13.740
dumb money?

27:14.380 --> 27:15.940
I would, you know, in fact,

27:16.000 --> 27:18.580
it's one of the most popular stocks amongst dumb money.

27:19.040 --> 27:19.520
Okay.

27:19.980 --> 27:20.220
Yeah.

27:20.360 --> 27:20.760
There you go.

27:21.420 --> 27:23.080
You know, they're the same crowd

27:23.080 --> 27:25.460
that's like AI is our God kind of people.

27:26.900 --> 27:28.620
I'll talk about that too later.

27:29.080 --> 27:29.940
How I, you know,

27:30.040 --> 27:33.640
I'm not so hopeful that AI will really be our God per se

27:33.640 --> 27:35.820
but it will impact our life in a negative way.

27:37.340 --> 27:38.680
There's some ways we, you know,

27:38.740 --> 27:40.400
I'll present that can kind of navigate that,

27:40.480 --> 27:45.700
but yeah, I mean, with the dropping prices in gasoline,

27:47.260 --> 27:49.520
you know, it has kind of made the practability

27:49.520 --> 27:50.620
at EVs even less.

27:51.120 --> 27:52.020
But I think, you know,

27:52.080 --> 27:53.700
those days are gonna be over here soon.

27:53.780 --> 27:54.740
There's a lot happening in the world

27:54.740 --> 27:56.320
that's gonna make oil more expensive

27:56.320 --> 27:57.320
here in the near future.

27:59.900 --> 28:00.480
All right.

28:04.140 --> 28:07.320
So yeah, you know, the oil is there in Venezuela.

28:08.460 --> 28:09.740
I'll kind of go over, you know,

28:09.740 --> 28:12.140
these numbers might be fudged by Maduro and Chavez,

28:12.920 --> 28:14.280
the communist dictators.

28:16.080 --> 28:18.400
But, you know, if we're going off the paper numbers

28:18.400 --> 28:19.460
that they did present,

28:19.920 --> 28:21.160
the oil is there in the pie,

28:21.830 --> 28:23.240
is there, but the pipes are broken.

28:24.040 --> 28:25.740
So until the upgraders are rebuilt,

28:27.040 --> 28:29.520
Venezuela is really just an asset-rich country

28:29.520 --> 28:31.300
with a frozen cash flow at the moment.

28:32.120 --> 28:35.900
Now it's also interesting about oil right now

28:35.900 --> 28:37.960
is there was a relationship between oil and the dollar,

28:38.040 --> 28:39.380
not only because of the petrodollar,

28:39.520 --> 28:42.080
but, you know, you're the date the US dollar

28:42.080 --> 28:45.980
has lost about 20 or 10% in purchasing value.

28:47.000 --> 28:48.700
So a weaker dollar historically

28:49.280 --> 28:52.020
is a push for oil prices to go higher.

28:53.600 --> 28:54.080
Okay.

28:55.140 --> 28:57.380
So, you know, this quick fix to the US economy

28:58.000 --> 28:58.900
when it comes to Venezuela

28:59.400 --> 29:01.220
is really just a lie, you know,

29:01.260 --> 29:03.220
and I'll go through the Venezuelan reserves

29:03.220 --> 29:04.260
are actually a fantasy,

29:04.980 --> 29:07.740
but to understand why the Venezuela gold rush is a mess,

29:07.980 --> 29:09.640
you have to understand the physical chemistry

29:09.640 --> 29:10.500
of the barrel first.

29:11.840 --> 29:13.720
So what is crude oil?

29:14.160 --> 29:18.840
Well, you know, it has different grades,

29:19.000 --> 29:21.040
as I was showing you earlier on a world stage.

29:21.920 --> 29:23.680
You know, it takes a lot of refinery

29:23.680 --> 29:24.740
and as you can see here,

29:25.720 --> 29:28.680
it consists of many different chemical composite

29:29.560 --> 29:31.800
and the quality is going to vary.

29:32.460 --> 29:33.800
You know, wextest is crude oil,

29:34.020 --> 29:35.700
other wise known as WTI

29:36.160 --> 29:38.480
is actually some of the lightest oil here,

29:38.740 --> 29:40.120
as you can see on the left side.

29:41.200 --> 29:42.360
As compared to Venezuela,

29:42.860 --> 29:45.080
Pilon, which is here on the far right almost,

29:46.540 --> 29:48.420
is actually the furthest right one in the world.

29:48.580 --> 29:50.720
So this is the lowest value oil in the world.

29:51.960 --> 29:55.300
Unlike water, crude oil is not a chemical compound,

29:55.480 --> 29:56.100
as it may sound.

29:57.540 --> 29:59.780
It's going to be a complex of hydrocarbon molecules.

30:00.180 --> 30:02.940
So just as water boils at 212 degrees,

30:03.700 --> 30:04.940
each compound in the crude oil

30:04.940 --> 30:06.700
has its own unique boiling temperature.

30:07.880 --> 30:10.020
So the more carbon atoms in a molecule,

30:10.640 --> 30:11.900
the higher the temperature

30:12.490 --> 30:13.960
at which it boils and vaporizes.

30:14.900 --> 30:16.980
So the phenomenon permits crude oil

30:16.980 --> 30:19.360
to be refined into so many products

30:20.720 --> 30:21.820
but before that it must be refined

30:21.820 --> 30:24.360
and manufactured gasoline and heating oil

30:24.360 --> 30:26.200
at the quality that the world demands.

30:27.840 --> 30:28.640
All right.

30:30.680 --> 30:34.300
So yeah, a large part of refinery or refining

30:34.300 --> 30:38.580
is simply converting the unwanted low value fuel oil

30:38.580 --> 30:41.320
into wanted gasoline that we pay for at the pump

30:42.060 --> 30:44.360
before a refiner buys a single cargo,

30:44.700 --> 30:46.940
refiner being like Chevron, for example.

30:46.940 --> 30:54.020
So they look at crude oil as an assay, they call it.

30:54.060 --> 30:56.180
This is a complete chemical evaluation

30:56.180 --> 30:59.080
and each refiner has their own different assay

30:59.700 --> 31:01.220
of the particular crude oil type.

31:01.960 --> 31:03.620
So it tells the refiner if the oil is compatible

31:04.260 --> 31:06.400
with their industrial hardware or not.

31:07.580 --> 31:11.720
So we value crude oil based on the two primary metrics.

31:12.260 --> 31:14.800
The first one is API gravity.

31:14.800 --> 31:18.260
And that's just meaning how light or heavy the oil is

31:18.260 --> 31:19.200
right in the barrel.

31:19.640 --> 31:22.260
And then number two is the sulfur content.

31:22.600 --> 31:25.780
So lighter of course is gonna be what's called sweet.

31:26.060 --> 31:28.400
So that's US shale oil, Canadian shale oil

31:28.400 --> 31:30.760
for that matter is some of the sweetest in the world.

31:32.760 --> 31:34.540
And then we have the sour of course

31:34.540 --> 31:36.340
that's more heavy is what it's called.

31:38.580 --> 31:41.840
And so you had a slide with the breakdown

31:43.260 --> 31:44.200
composition of it.

31:44.520 --> 31:45.660
Can we see that one more time?

31:46.640 --> 31:47.760
Yeah, do you want me to go back?

31:48.340 --> 31:48.580
Let's see.

31:48.940 --> 31:53.280
Right, yeah, hydrogen plus carbon equals hydrocarbons.

31:58.160 --> 32:00.240
Interestingly, I mean, this is the makings

32:00.240 --> 32:01.760
of carbon dioxide, right?

32:01.860 --> 32:04.740
Like you got the carbon, it's the demonized element.

32:05.040 --> 32:07.340
It's supposedly the one that said,

32:07.680 --> 32:09.200
I don't know if there's anything to tie in there

32:09.200 --> 32:11.340
about the whole climate hoax.

32:12.660 --> 32:14.980
You know, there is, you know,

32:15.000 --> 32:19.220
there's still a big push for renewal energy, renewable.

32:20.500 --> 32:22.700
But, you know, especially with the data centers

32:22.700 --> 32:25.800
popping up around the world, you know,

32:26.120 --> 32:28.040
the renewables is just simply not to be enough.

32:28.200 --> 32:29.440
It's more costly in fact.

32:30.560 --> 32:32.540
And the infrastructure just simply isn't there.

32:33.060 --> 32:35.560
It doesn't work as good as well.

32:35.560 --> 32:39.180
So, you know, really, ever since 2024,

32:39.620 --> 32:41.460
we've really seen a lot of nation states

32:42.240 --> 32:44.840
ditching the renewables.

32:45.380 --> 32:47.860
So now we're getting more into the nuclear energy realm

32:48.420 --> 32:50.940
and just really hydrocarbons as we can see here.

32:52.860 --> 32:55.100
So, yeah, you know, as, you know,

32:55.140 --> 32:57.020
the economic value increases and it gets lighter

32:57.020 --> 33:00.280
and sulfur decreases, lighter crudes

33:00.280 --> 33:02.840
contain more valuable components like gasoline,

33:02.840 --> 33:05.680
which the world still runs on in a very large part.

33:06.660 --> 33:07.660
All right, thank you.

33:08.260 --> 33:08.380
Yeah.

33:11.720 --> 33:14.720
So, yeah, Venezuela on paper has more

33:15.260 --> 33:17.000
than 300 billion barrels of oil,

33:17.700 --> 33:20.080
which roughly estimates to 17%

33:20.080 --> 33:21.700
of the world's known oil reserves.

33:22.600 --> 33:25.800
It's gonna be in the Carcaraz area here in Venezuela

33:25.800 --> 33:27.240
as I've shown you on the map.

33:28.040 --> 33:30.380
Most of these reserves are in vast deposits

33:31.800 --> 33:34.120
in what's called that Oranico oil belt.

33:34.240 --> 33:35.000
And it might be mispronounced

33:35.000 --> 33:36.400
and I'm not the best Spanish speaker.

33:37.800 --> 33:39.660
You know, I have a very time rolling my tongue,

33:40.960 --> 33:43.860
but there's even more potential underground

33:43.860 --> 33:45.460
is what they're touting the Venezuelan government.

33:45.640 --> 33:47.660
But even if that is true,

33:48.100 --> 33:49.140
it's still gonna be high sulfur,

33:49.280 --> 33:50.200
it's still gonna be dirty and heavy

33:50.640 --> 33:52.600
and cost of the refining like as we've been going.

33:52.900 --> 33:57.500
So, a refiner would clearly be paying more per barrel

33:57.500 --> 34:01.280
for light, sweet, West Texas intermediate oil

34:01.900 --> 34:03.260
than the Venezuelan Pilon.

34:04.480 --> 34:05.120
Makes sense.

34:10.660 --> 34:13.360
Yeah, so let's just go skip to the next one.

34:14.420 --> 34:15.880
When you hear that Venezuela has

34:15.880 --> 34:17.540
the world's largest proven oil reserves,

34:18.500 --> 34:20.560
you gotta remember this is about two thirds

34:21.160 --> 34:23.680
of that number comes from the Chavez-Menduro government.

34:23.960 --> 34:27.300
So they're probably using generous assumptions

34:27.860 --> 34:29.520
to reclassify large volumes

34:29.520 --> 34:30.920
of lower utility heavy crew

34:30.920 --> 34:32.580
as recoverable.

34:34.380 --> 34:35.980
Now, what's interesting is Venezuelan

34:35.980 --> 34:38.300
is a founding member of OPEC

34:39.060 --> 34:40.660
and their official statistics show

34:40.660 --> 34:45.200
that its production is down 71% from its 1998 peak.

34:45.760 --> 34:47.260
I believe that was in the Chavez days.

34:48.520 --> 34:50.160
So Venezuelan crude is so thick,

34:50.220 --> 34:50.840
like I was saying earlier,

34:50.980 --> 34:53.680
it can't throw a flow through a pipe to move it.

34:54.220 --> 34:55.280
You're gonna need, you know,

34:55.340 --> 34:56.440
heavy machinery and operators.

34:57.200 --> 34:58.080
And so, you know,

34:58.080 --> 35:00.480
this is gonna be a multi-billion dollar project.

35:02.220 --> 35:04.140
And, you know, that's really the reality check.

35:04.320 --> 35:06.760
So out of the, you know,

35:06.960 --> 35:08.080
the companies like Chevron,

35:09.060 --> 35:10.340
they've actually been saying

35:10.340 --> 35:11.540
this is not functional for them.

35:13.140 --> 35:14.920
Now, there are all their rustic skeletons

35:14.920 --> 35:16.280
stretched for parts

35:16.280 --> 35:18.280
and you just can't reboot those units.

35:20.040 --> 35:21.800
So, you know, the energy experts,

35:22.000 --> 35:23.920
SMA, that'll take five to seven years,

35:24.460 --> 35:26.660
183 billion through 2040,

35:27.560 --> 35:30.240
just to hit two days of US gas supply.

35:31.120 --> 35:32.560
So what's Trump thinking?

35:32.860 --> 35:34.280
Like, what's the scam here

35:34.280 --> 35:36.440
that he would go so public with a move

35:36.440 --> 35:38.460
that really isn't...

35:38.460 --> 35:39.760
That's a good question, actually.

35:40.060 --> 35:41.860
So it has less to do with the oil

35:41.860 --> 35:45.320
because, you know, if he has advisors worth their salt,

35:45.400 --> 35:46.520
they would be showing this.

35:46.520 --> 35:47.680
This is not hard to find, guys.

35:48.580 --> 35:49.940
Anyone can find this on the internet.

35:51.480 --> 35:55.520
You know, the big play is really just to damage Russia

35:56.280 --> 35:57.960
and their funding for the Ukraine war

35:58.480 --> 36:01.340
and then also lower Chinese oil supply.

36:02.240 --> 36:04.080
Venezuela is, you know, on paper

36:04.080 --> 36:06.760
about 4% of Chinese oil supply.

36:08.840 --> 36:09.360
Okay.

36:09.760 --> 36:11.600
But there is actually a lot more

36:11.600 --> 36:14.000
that's undocumented, which I'll kind of talk about.

36:14.640 --> 36:16.660
So he's really just hitting those two.

36:16.880 --> 36:18.980
You know, he does have a talk with Xi coming up

36:19.660 --> 36:20.340
this spring.

36:20.760 --> 36:22.720
It's gonna be the trade talk, of course,

36:23.280 --> 36:24.060
which is kind of funny

36:24.060 --> 36:25.400
because he's coming to Xi.

36:25.980 --> 36:27.580
And I think because of not only that,

36:27.640 --> 36:29.260
but other things, Xi has more leverage

36:29.260 --> 36:31.260
over Trump in this negotiation right now.

36:32.260 --> 36:34.960
You know, just as the U.S. has been siloed

36:34.960 --> 36:37.260
from the world more and more as time goes on,

36:37.500 --> 36:38.140
so has China.

36:40.040 --> 36:42.880
And, you know, China has close relationships

36:42.880 --> 36:44.620
with most countries in the U.S. right now.

36:45.860 --> 36:47.800
You know, their diplomacy really has to do more with,

36:47.980 --> 36:48.760
hey, let's give you money

36:49.280 --> 36:51.280
and we'll provide the resources and manpower

36:51.280 --> 36:53.700
to reconstruct your infrastructure.

36:54.520 --> 36:56.240
Meanwhile, the U.S. is doing regime change

36:56.240 --> 36:57.440
and stuff like that, right?

36:58.260 --> 37:00.020
Can you define siloed?

37:01.600 --> 37:04.580
Yeah, just getting more isolationist,

37:04.940 --> 37:08.180
you know, the nation state becoming more protectionism

37:08.840 --> 37:12.240
rather than trying to work the globalization model.

37:12.660 --> 37:13.740
Got it.

37:17.080 --> 37:19.500
Yeah, so what are we looking at here on this chart?

37:19.500 --> 37:22.040
Yeah, we can see that, you know,

37:22.140 --> 37:24.560
and this is another on-paper number,

37:24.660 --> 37:26.600
which I'm skeptical of, I think it might be even lower,

37:27.380 --> 37:28.700
of Venezuela oil production.

37:28.980 --> 37:30.840
It's actually less than one-third of his level

37:30.840 --> 37:32.640
at the start of Maduro's presidency.

37:32.980 --> 37:35.340
So, you know, Chávez was really the peak of it in 98.

37:36.220 --> 37:39.020
And as Maduro ruled, it just got lower and lower.

37:41.260 --> 37:41.700
Okay.

37:45.260 --> 37:48.460
Okay, so this is the rusted oil storage units

37:48.460 --> 37:49.900
that I was talking about,

37:50.100 --> 37:53.420
which would be impossible to store the oil in

37:53.420 --> 37:55.240
that they could pull out of Venezuela.

37:56.320 --> 37:58.060
So this is actually a satellite image

37:58.060 --> 38:00.820
of Porto Morando storage facility,

38:00.920 --> 38:02.400
and I'm probably mispronouncing that, guys.

38:03.560 --> 38:05.400
Again, I don't really care for Spanish

38:05.400 --> 38:07.720
or South American culture that much.

38:08.800 --> 38:12.600
But one from, this is from 2022, this first picture.

38:12.880 --> 38:15.600
It shows white, clean tank tops.

38:16.310 --> 38:18.580
And then this is actually from last year, 2025.

38:19.180 --> 38:21.900
It's showing, you know, as you can see orange and black,

38:22.360 --> 38:24.040
you know, that's signs of rusting.

38:25.300 --> 38:28.900
So, you know, when this sits idle for years,

38:29.200 --> 38:30.380
they just don't stay empty.

38:30.760 --> 38:32.460
They're gonna corrode and leak over time.

38:32.800 --> 38:36.260
So a third of the country's storage is likely unusable.

38:36.800 --> 38:37.180
Right.

38:37.380 --> 38:39.220
And I mentioned that would be extremely polluting,

38:39.420 --> 38:43.100
like rust doesn't go in an oil, right?

38:43.740 --> 38:45.400
Yeah, which is something, you know,

38:45.480 --> 38:47.660
the Venezuelan government just simply doesn't care about.

38:47.980 --> 38:49.040
Right, right.

38:49.540 --> 38:53.900
Quick aside for anyone who likes the different kind

38:53.900 --> 38:55.540
of culinary salts that are out there

38:55.540 --> 38:56.800
and think they're more healthy.

38:57.940 --> 39:01.120
Himalayan salt is red because of rust,

39:01.740 --> 39:03.740
and that's poison for the body

39:03.740 --> 39:05.960
as well as the oil in your car.

39:06.760 --> 39:09.280
Yeah, that's one of the biggest nutrition scams

39:09.280 --> 39:11.640
out there is the Himalayan salt.

39:12.220 --> 39:14.320
You know, people still think that's better.

39:14.620 --> 39:17.880
Even the lamps are gonna give off wrong ions.

39:18.680 --> 39:20.680
Yeah, I'm very picky about my salt.

39:20.800 --> 39:24.220
I actually get it from a local salt mine here where I'm at.

39:24.520 --> 39:24.960
Nice.

39:25.600 --> 39:27.060
It is patented for heavy metals

39:27.060 --> 39:29.700
and yeah, definitely lower compared to your average.

39:30.700 --> 39:31.360
That's great.

39:32.540 --> 39:34.740
Well, yeah, you know, this is industrial savage.

39:36.380 --> 39:38.360
You know, there's almost no rigs

39:38.360 --> 39:40.120
up in Venezuela right now as well.

39:40.120 --> 39:42.720
So it's gonna be nearly impossible

39:42.720 --> 39:45.560
to bring the additional capacity given

39:46.160 --> 39:47.620
to Venezuela infrastructure issue

39:47.620 --> 39:49.120
even if the US wanted to rebuild it.

39:49.860 --> 39:52.200
If you can't get the product to market,

39:52.420 --> 39:54.040
it really doesn't matter if you have it, right?

39:56.040 --> 39:58.880
So the recent Alistair of Maduro,

40:01.280 --> 40:03.580
you know, this is what I'm talking about

40:03.580 --> 40:05.240
with the geopolitical ambition of Trump

40:05.240 --> 40:08.300
versus the reality of geological reality.

40:08.300 --> 40:12.140
So, you know, this is not gonna work out.

40:12.440 --> 40:13.940
And I, you know, as I was alluding to,

40:14.060 --> 40:17.680
this has more to do with try to damage Russia and China.

40:17.840 --> 40:20.000
The major competitors of the US, of course, right now.

40:23.660 --> 40:24.140
So...

40:24.140 --> 40:25.960
Yeah, can you unpack that a little bit more?

40:26.160 --> 40:27.600
What would the damage be

40:27.600 --> 40:31.120
that they're being supported in this war?

40:31.880 --> 40:35.080
So basically, it helps funding.

40:35.320 --> 40:36.540
It's mainly the funding for Russians.

40:37.200 --> 40:39.860
That's like, I believe, right now,

40:40.100 --> 40:43.880
close to 40% of their funding comes from oil sales,

40:44.160 --> 40:46.980
which a lot of them, the Russian tankers actually,

40:47.240 --> 40:48.180
I don't know if you guys saw in the news,

40:48.240 --> 40:49.320
but the Russian tankers,

40:49.900 --> 40:51.860
they're trying to hide that they're Russian at first.

40:51.980 --> 40:53.720
They try to hide under shell companies.

40:54.280 --> 40:56.380
And that's the ships that the US sees right now

40:56.380 --> 40:57.400
as I have in the picture.

40:58.100 --> 40:59.740
They're just kind of floating off the coast.

40:59.920 --> 41:00.520
We sees them.

41:01.120 --> 41:03.660
It wasn't until the US Navy confronted them

41:04.140 --> 41:06.020
that they actually raised the Russian flag

41:06.020 --> 41:08.080
and all of a sudden overcommunication said,

41:08.120 --> 41:10.420
hey, we're actually part of the Russian state.

41:11.120 --> 41:16.040
If you try to hit us, then you're ruining diplomacy here.

41:17.880 --> 41:21.420
Now, what's interesting is, on the surface,

41:22.220 --> 41:24.240
Putin seems like the toughest world leader.

41:25.160 --> 41:29.040
But what's fascinating is with this recent Navy action,

41:29.800 --> 41:31.080
they just let it happen.

41:31.420 --> 41:33.100
Trump and Putin had a phone call

41:33.100 --> 41:36.360
and it looks like Putin just let the tankers go.

41:41.350 --> 41:44.070
And so any implications of that?

41:46.110 --> 41:49.210
Yes, they're gonna have to find other sources of funding

41:49.930 --> 41:50.450
for them.

41:50.690 --> 41:52.710
China was actually the biggest buyer

41:52.710 --> 41:56.170
of Russian acquisition to oil.

41:58.590 --> 42:02.450
So next, this also makes them more reliant on Iran.

42:03.010 --> 42:04.370
Now that Venezuela is out of the picture.

42:05.410 --> 42:06.570
Iran is the next,

42:07.290 --> 42:09.290
is actually the biggest exporter

42:09.870 --> 42:13.270
to Chinese oil storage.

42:13.670 --> 42:18.230
So this is really gonna make them depend more on Iran

42:18.230 --> 42:20.910
and Trump's plan is really to move in on Iran next.

42:22.050 --> 42:23.890
Now there is kind of a problem with that.

42:24.030 --> 42:25.610
I don't know if you guys saw in the news recently,

42:26.390 --> 42:28.850
but there was some protests in Iran

42:29.630 --> 42:31.770
over the current Iranian government.

42:31.850 --> 42:32.770
I'm not sure the exact details,

42:32.770 --> 42:38.530
but I do know that based on the US cabinet's words on Twitter,

42:39.190 --> 42:40.710
they kind of were alluding to that

42:41.510 --> 42:43.230
those were Assad agents starting the riots.

42:46.230 --> 42:49.710
So it wasn't organic, it was definitely CIA, Mossad.

42:51.030 --> 42:53.010
And it actually, the Iranian government

42:53.010 --> 42:54.890
actually shut the protesters down faster

42:54.890 --> 42:57.150
than US and Israel were expecting.

42:57.870 --> 43:00.190
They shut it down because the Trump was trying to tell

43:00.190 --> 43:03.750
that, hey, we'll move in, we'll help you as protesters,

43:04.130 --> 43:04.890
help is on the way.

43:05.470 --> 43:08.070
And that originally was the first thing to really kick off

43:08.950 --> 43:11.310
this recent rally in oil, which I'll show you in a second,

43:11.550 --> 43:14.430
but that ultimately failed.

43:15.050 --> 43:17.810
And now it's lower probability that Trump

43:18.350 --> 43:19.450
in the US for that matter,

43:19.530 --> 43:23.490
will be able to do a regime change in Iran.

43:25.170 --> 43:27.210
They're kind of pinned in a corner right now.

43:27.250 --> 43:28.890
So I'm not sure if they're gonna back down.

43:28.890 --> 43:29.830
I doubt they will.

43:30.630 --> 43:33.090
But I don't think it's gonna be as successful as it may sound.

43:34.950 --> 43:35.570
Very good.

43:36.370 --> 43:39.350
So yeah, these are over 30 station vessels

43:39.350 --> 43:40.890
that were idling off the coast.

43:41.090 --> 43:43.430
And we seized about 40 million barrels

43:43.430 --> 43:47.270
that were currently in storage, mostly Russian tankers.

43:47.370 --> 43:48.850
But that is a one-time event.

43:49.370 --> 43:51.770
And the real challenge isn't moving the oil, right?

43:51.930 --> 43:53.490
It's already, that's already pumped,

43:53.610 --> 43:55.730
it's fixing the broken industry.

43:57.650 --> 43:58.230
Got it.

43:58.230 --> 43:59.750
So let's talk about China a little bit more.

44:02.370 --> 44:04.490
So there's something called teapots.

44:05.070 --> 44:07.070
And no, I'm not talking about some blokes in Britain

44:07.730 --> 44:08.950
in their little tea parties,

44:09.710 --> 44:11.430
just a little gay in my opinion.

44:12.050 --> 44:12.510
I'm just kidding.

44:13.390 --> 44:15.290
These are independent Chinese refiners

44:15.290 --> 44:16.510
operating on thin margins.

44:17.550 --> 44:20.310
So they stay alive by buying sanctioned oils

44:20.310 --> 44:22.910
that are at steep discounts because of the sanctions, right?

44:23.750 --> 44:26.550
Official Chinese data claimed they imported

44:26.550 --> 44:28.670
30,000 barrels a day in 2020.

44:29.690 --> 44:31.370
But the data shows that the real number

44:31.370 --> 44:34.210
was actually over 500,000 barrels in 2025.

44:35.230 --> 44:38.670
So Venezuela crewed accounted for roughly three to 5%.

44:38.670 --> 44:39.970
I just go in the middle and say four

44:39.970 --> 44:42.030
of China's total oil imports.

44:42.430 --> 44:45.810
So they also hid this by using shadow fleas

44:45.810 --> 44:46.590
just like the Russians.

44:47.630 --> 44:49.670
So these tankers turn off transporters

44:49.670 --> 44:51.890
and they spoof their location signals.

44:53.130 --> 44:55.430
And they're really trying to hide that this was happening.

44:55.430 --> 44:58.710
And then once it reaches Asia,

44:58.890 --> 45:01.910
they'll rebrand the oil as Malaysian blend

45:01.910 --> 45:05.170
or Brazilian crew to bypass sanctions

45:05.170 --> 45:06.630
to avoid US sanctions, of course.

45:07.510 --> 45:10.250
So the Venezuelan oil is frequently transported

45:10.250 --> 45:12.930
via ship to ship transfers.

45:13.270 --> 45:15.710
So these ships often engage in stressed transfers

45:15.710 --> 45:16.250
of what it's called.

45:16.950 --> 45:19.370
And again, they're turned off the transporters,

45:19.550 --> 45:20.670
they're spoofing their location

45:20.930 --> 45:22.670
to hide their true origin.

45:24.370 --> 45:26.150
I'm naive to think that somehow

45:26.150 --> 45:28.610
they wouldn't be resorting to those kind of strategies.

45:28.870 --> 45:31.590
That seems old world compared to where we're at these days.

45:31.710 --> 45:34.590
But there's like, oh yeah, I'm not who you think I am.

45:35.830 --> 45:36.750
I'm cloaked.

45:37.510 --> 45:39.990
Yeah, it's almost in a way a false flag.

45:40.490 --> 45:43.170
But on a kind of more micro scale,

45:43.910 --> 45:47.150
definitely undetected compared to false flag

45:47.150 --> 45:50.470
like the Harmuz attacks we've had in the past.

45:51.270 --> 45:54.310
So, you know, this is China's sneaky way

45:54.310 --> 45:55.770
of avoiding something like that

45:55.770 --> 45:58.990
and then being accused of doing something like this.

46:01.130 --> 46:04.490
Now, according to the China's general admission,

46:04.970 --> 46:06.790
administration of customs,

46:07.570 --> 46:10.290
China imported 30,000 barrels per day of crude

46:10.290 --> 46:12.130
from Venezuela in 2024.

46:13.650 --> 46:17.490
And more than half of Venezuela's crude oil exports.

46:17.490 --> 46:21.250
So this is about 768,000 barrels per day.

46:23.110 --> 46:24.870
Last year went to China.

46:25.450 --> 46:29.170
So, you know, some ships they're able to pass by freely

46:29.510 --> 46:32.070
through the blockades and they are American.

46:32.950 --> 46:34.870
In the US imports, you know,

46:34.950 --> 46:36.910
20% of Venezuela oil produced

46:37.450 --> 46:39.210
by the US oil company Chevron,

46:39.970 --> 46:42.750
which was exempted from sanctions I was telling you about

46:42.750 --> 46:44.390
through Joe Biden in 2022.

46:45.710 --> 46:49.210
So, you know, despite having a large footprint on paper,

46:50.030 --> 46:52.170
the Chinese companies are not the largest producers

46:52.170 --> 46:54.510
in Venezuela, Chevron of course is.

46:55.510 --> 46:59.070
So, Chinese production might be about 10%

46:59.070 --> 47:01.690
by securing this oil,

47:01.790 --> 47:03.650
but the US has neutralized Russia's ability

47:03.650 --> 47:06.810
to launder these profits through sanctions evasion.

47:07.590 --> 47:09.710
So, China isn't just a buyer actually,

47:10.050 --> 47:12.170
they're also a lender when it comes to South America

47:12.170 --> 47:13.330
and really worldwide.

47:14.090 --> 47:15.750
Especially in Africa as well.

47:16.530 --> 47:18.150
Chinese financial institutions,

47:18.310 --> 47:21.010
primarily the Chinese Development Bank,

47:21.390 --> 47:23.690
they loaned Venezuela around 60 billion

47:24.070 --> 47:26.230
through 17 different loan contracts.

47:27.190 --> 47:29.750
So that's about half of Chinese loans

47:29.750 --> 47:32.630
committed to Latin America as of 2023.

47:33.510 --> 47:36.210
Now, the repayment was supposed to be

47:36.210 --> 47:38.050
in the oil shipments to China.

47:38.710 --> 47:40.730
In certain Canadian and Iraqi grades,

47:40.730 --> 47:42.070
my too expensive, right?

47:42.190 --> 47:43.530
So the Chinese want the cheaper oil.

47:44.050 --> 47:45.750
So, you know, they thought that was a fair deal

47:45.750 --> 47:47.030
and that was part of the term.

47:48.230 --> 47:49.630
Now that that's ruined, of course,

47:49.930 --> 47:52.850
I think the US wants to truly starve, you know,

47:52.870 --> 47:55.410
what if we go off of old world terms, access,

47:56.510 --> 47:58.570
Iran's floating terminals in the Persian Gulf

47:58.570 --> 48:00.170
are gonna be the next target

48:00.170 --> 48:01.570
when it comes to the oil trade.

48:02.110 --> 48:03.990
So if the US uses the same tactics

48:04.470 --> 48:05.850
that they use in the straight of harm moves

48:05.850 --> 48:08.530
in the past, it could shave off,

48:08.530 --> 48:11.230
you know, quite a bit of global GDP

48:11.860 --> 48:16.030
and that would really cement US energy hegemony.

48:16.890 --> 48:21.850
So China has actually condemned Trump

48:22.510 --> 48:25.350
in this military operation to remove Maduro.

48:25.510 --> 48:26.110
It's not a shock.

48:27.140 --> 48:29.150
And they actually called for the immediate release

48:29.150 --> 48:32.350
and stopped toppling the Venezuelan government

48:32.350 --> 48:32.910
as they say.

48:33.170 --> 48:35.690
So, you know, despite Beijing's displeasure

48:36.250 --> 48:37.810
with the events in their Venezuela,

48:38.550 --> 48:41.550
there are some civil linings for China out of this.

48:42.190 --> 48:45.170
So first, Chinese officials are capitalizing

48:45.810 --> 48:47.990
on the US intervention to portray the US

48:47.990 --> 48:50.010
as kind of a bully on the world stage,

48:50.750 --> 48:54.650
a violator of international law, international maritime law

48:55.070 --> 48:56.930
and a source of regional instability.

48:57.370 --> 48:59.710
So, you know, especially with this regime change.

48:59.910 --> 49:02.610
So second, Beijing can also take advantage

49:02.610 --> 49:03.870
of the US strike on Venezuela

49:03.870 --> 49:07.990
to push back against any US criticism of Chinese efforts

49:08.570 --> 49:11.070
to bolster its claims to disputed parts

49:11.070 --> 49:12.190
of the South China Sea,

49:12.930 --> 49:14.710
which have been going on for a while now.

49:15.690 --> 49:16.910
You know, it's really making Japan

49:16.910 --> 49:18.230
and South Korea nervous actually,

49:18.310 --> 49:19.710
this activity in the South China Sea.

49:20.470 --> 49:22.430
Really, there's nothing they can do about it

49:22.430 --> 49:23.490
without the US.

49:24.530 --> 49:25.890
However, despite all that,

49:26.090 --> 49:29.850
Beijing is unlikely to view this US intervention

49:30.530 --> 49:35.190
as a justification for the action against Taiwan,

49:36.290 --> 49:38.550
which China regards as an internal affair.

49:38.710 --> 49:40.650
They do consider Taiwan to be China.

49:41.130 --> 49:42.810
And if you speak to any Chinese person,

49:42.910 --> 49:43.490
they'll tell you that.

49:44.170 --> 49:46.110
And you know, if you go on boost on the ground,

49:46.210 --> 49:46.970
that's certainly true.

49:47.110 --> 49:50.930
The culture is still China, you know, they're very Chinese.

49:51.290 --> 49:52.870
So in the very near term,

49:53.490 --> 49:54.730
and same with Hong Kong for that matter,

49:54.750 --> 49:55.950
but in the very near term,

49:56.770 --> 49:58.570
major Chinese crude companies

49:58.570 --> 50:02.470
are also bearing the brunt of oil production reductions

50:03.110 --> 50:05.610
in response to the US blockade here.

50:06.690 --> 50:07.310
All right.

50:10.270 --> 50:12.650
So yeah, Russia's ability to fund its war in Ukraine

50:13.310 --> 50:15.630
is tied directly to global oil prices.

50:15.790 --> 50:17.250
So the higher the oil prices,

50:17.370 --> 50:18.670
the better it is for Russia, of course.

50:19.950 --> 50:22.010
And this kind of acts as a double-edged sword

50:22.390 --> 50:23.030
for the Kremlin.

50:24.070 --> 50:26.770
So you know, Russian diplomats frame the US operation

50:26.770 --> 50:28.350
against Maduro kind of like the Chinese

50:28.990 --> 50:33.090
as a armed aggression and called for the release,

50:33.490 --> 50:36.310
you know, basically repeating China there.

50:36.510 --> 50:39.430
But Putin remained a mom on the issue.

50:40.010 --> 50:41.670
Like I was saying, he just kind of held back

50:41.670 --> 50:43.930
as the US took over his tankers.

50:44.690 --> 50:47.890
Even though Russia has invested billions in Venezuela.

50:48.430 --> 50:53.110
So in addition, the US seizure of tankers

50:53.710 --> 50:55.190
linked to Venezuelan oil exports

50:55.790 --> 50:58.790
has a direct implications for Russia's

50:59.310 --> 51:00.590
sanctioned invasion system.

51:02.190 --> 51:03.990
So, you know, that was part of the hype

51:03.990 --> 51:05.930
around the whole bricks bros narrative.

51:06.310 --> 51:07.670
That like we saw the last few years

51:08.130 --> 51:10.090
and that's definitely damaged that narrative.

51:10.710 --> 51:12.570
You know, we still haven't seen any bricks buck.

51:12.950 --> 51:15.710
I've gone through why bricks is just impossible

51:15.710 --> 51:18.730
or bricks dollar in the past show with you, Beth.

51:19.150 --> 51:22.190
But you know, in short, there's no central power

51:22.190 --> 51:24.830
in bricks and to have a central currency,

51:24.830 --> 51:25.870
you have to have a central bank.

51:26.610 --> 51:27.670
So how are you gonna have a central bank

51:27.670 --> 51:29.590
amongst all of these nations?

51:29.710 --> 51:30.850
They don't even get along with each other.

51:30.990 --> 51:34.370
You know, India and Russia have complicated relationship

51:35.350 --> 51:38.230
as well as China and India amongst, you know, other things.

51:38.430 --> 51:41.190
South Africa has a problem with Russia as well.

51:41.530 --> 51:42.810
So, you know, the list could go on

51:43.390 --> 51:45.350
and that's why we haven't seen anything for bricks.

51:45.650 --> 51:48.250
But now the whole, I'll go in.

51:48.490 --> 51:50.370
Oh, I was just thinking about that exact thing.

51:50.650 --> 51:52.270
How, how frightened, I guess it was,

51:52.330 --> 51:53.810
was it 2022 or something?

51:53.810 --> 51:55.870
Everyone is just freaking out about bricks

51:55.870 --> 51:58.350
and they were so mad at you, Brandon,

51:58.530 --> 52:00.090
when you, when you came out and said,

52:00.130 --> 52:01.430
no, actually this is not even,

52:01.930 --> 52:03.710
and then what do we hear about it now?

52:04.190 --> 52:04.470
Nothing?

52:04.830 --> 52:05.110
Nothing.

52:05.950 --> 52:06.390
Right?

52:06.530 --> 52:07.390
Yeah, that's so true.

52:07.730 --> 52:09.610
You know, they're all excited about it.

52:09.670 --> 52:13.250
And then, yeah, it's just been a nothing burger.

52:13.770 --> 52:14.010
Yeah.

52:15.350 --> 52:18.670
So, you know, this really cements my point

52:18.670 --> 52:22.070
that I've been saying over the years, you know,

52:22.070 --> 52:24.930
because Russia was, of course, you know,

52:25.230 --> 52:28.210
sanction evading with these oil sales

52:28.890 --> 52:31.050
through countries like Venezuela and others, Iran.

52:32.250 --> 52:34.530
But this is certainly damaging to that narrative.

52:36.190 --> 52:37.810
But yeah, you know, the events of Venezuela,

52:37.810 --> 52:40.490
it really just exposes Russia's limits

52:40.950 --> 52:42.510
as a security guarantor.

52:42.890 --> 52:44.010
They definitely couldn't secure

52:44.370 --> 52:45.990
even their own tankers.

52:47.730 --> 52:50.390
So, yeah, you know, despite Putin's loud combination,

52:51.490 --> 52:53.870
Moscow was unable to prevent this operation.

52:54.790 --> 52:56.550
You know, as Trump was bragging this, you know,

52:56.590 --> 52:58.230
this was a very smooth regime change,

52:58.310 --> 52:59.770
probably one of the smoothest in history.

53:00.490 --> 53:02.070
It was over in a matter of days.

53:03.270 --> 53:03.670
Right.

53:04.150 --> 53:08.290
And why was Putin tight-lipped about it?

53:08.510 --> 53:09.290
He probably just said it.

53:10.430 --> 53:11.650
Well, he wasn't tight-lipped.

53:11.710 --> 53:13.830
He actually did condemn you as for this.

53:14.150 --> 53:14.430
Okay.

53:14.690 --> 53:16.750
It was more so when, you know, the ships,

53:16.970 --> 53:17.930
his ships were actually seized.

53:18.470 --> 53:20.030
He just let Trump happen to it.

53:20.030 --> 53:21.270
They apparently had a phone call.

53:21.430 --> 53:21.830
That's the rumor.

53:22.870 --> 53:24.790
And I'm not sure what was said during that call,

53:24.810 --> 53:25.750
but it must have been interesting.

53:27.310 --> 53:30.750
Now, I will say, despite how conflicting this all looks,

53:31.070 --> 53:34.290
they are part of the same club, you know,

53:34.330 --> 53:36.170
so it's not too much of a surprise

53:37.570 --> 53:38.770
that they're getting along more

53:38.770 --> 53:40.410
than what the news might make you believe.

53:40.650 --> 53:42.650
You know, now more than ever in 2026,

53:44.370 --> 53:45.810
we're gonna be seeing more propaganda.

53:46.090 --> 53:47.110
You know, we saw a lot of propaganda

53:47.110 --> 53:49.350
during the Ukraine war from, you know,

53:49.350 --> 53:51.490
Joe Biden's presidency from, what, 20,

53:52.350 --> 53:54.250
early 2020s, you know, 2022-ish,

53:55.830 --> 53:56.930
you know, lots of propaganda.

53:57.250 --> 53:59.590
And I think we're gonna see similar propaganda,

53:59.730 --> 54:03.110
if not worse, with all of these fronts being activated.

54:04.150 --> 54:06.990
And do you have a guess at what the specific nature

54:06.990 --> 54:08.030
of the propaganda would be?

54:08.990 --> 54:15.250
Yeah, I think the main purpose is really for the U.S.

54:15.290 --> 54:16.570
to say like, oh, we're still,

54:17.910 --> 54:19.210
we're still the strongest military.

54:20.510 --> 54:23.210
You know, no one can mess with us,

54:23.310 --> 54:25.070
fuck around and find out, as Trump has said.

54:27.230 --> 54:29.290
You know, so far it has hold to be true,

54:29.350 --> 54:31.830
but I will say, if we look at China historically,

54:31.990 --> 54:34.530
they are not as imperialist as the U.S. has been

54:34.530 --> 54:37.450
historically, so I don't really even think China

54:37.450 --> 54:41.290
is interested in combating the U.S. in this.

54:41.730 --> 54:43.290
They're just trying to make money sneakily.

54:44.070 --> 54:44.470
Right.

54:45.050 --> 54:45.730
There you go.

54:46.670 --> 54:48.430
So, you know, out of all that said,

54:48.690 --> 54:50.670
I don't anticipate a World War III happening.

54:50.950 --> 54:52.390
You know, I don't know if you guys have noticed,

54:52.570 --> 54:53.850
but people are softer than ever.

54:54.950 --> 54:57.810
And this would really be a drone war and airstrikes.

54:58.170 --> 54:59.930
When it comes to airstrikes, the U.S. still

55:00.630 --> 55:02.470
is the top dog in that front,

55:03.910 --> 55:06.410
as well as, you know, this is a currency war.

55:06.570 --> 55:09.830
So there is still no currency to replace the dollar,

55:10.050 --> 55:10.670
as we're speaking.

55:11.750 --> 55:15.310
World reserves have gone down a little bit.

55:15.610 --> 55:17.830
When we last spoke, it was about 60% of world reserves.

55:18.630 --> 55:20.290
Now it's closer to 40%, actually,

55:20.370 --> 55:22.030
but I'll show you why nation states

55:22.030 --> 55:23.530
are actually going more into gold.

55:24.770 --> 55:25.130
Okay.

55:26.850 --> 55:29.410
So yeah, you know, currently oil revenues for Russia

55:29.410 --> 55:32.810
has fallen from 50% to actually 25%

55:32.810 --> 55:34.430
of Russia's state income.

55:35.110 --> 55:38.490
So any further price drop caused

55:38.490 --> 55:40.670
by the Venezuelan recovery,

55:40.970 --> 55:43.150
which is kind of the counterpoint in my argument,

55:44.050 --> 55:46.230
it would directly limit the Kremlin's ability

55:46.230 --> 55:48.870
to maintain its massive drone and missile campaigns,

55:49.350 --> 55:50.750
which has gotten better over the years

55:50.750 --> 55:52.610
and they've definitely been testing out in Ukraine.

55:53.050 --> 55:55.370
But I don't think that's gonna happen.

55:55.450 --> 55:56.770
I think oil prices are gonna go higher.

55:56.950 --> 55:58.750
So this probably will help make up

55:58.750 --> 55:59.990
for some of the laws here in Venezuela.

56:02.070 --> 56:02.750
Very good.

56:04.470 --> 56:07.090
So on this chart is actually the crude oil futures.

56:08.490 --> 56:12.130
Just basically meaning how markets are pricing crude oil.

56:13.290 --> 56:16.350
So crude oil is actually reaching a 12-week high

56:17.170 --> 56:19.970
and this comes along with everything I was talking about.

56:20.590 --> 56:22.430
There's also other issues,

56:22.730 --> 56:27.290
political risks and supply disruptions actually,

56:28.010 --> 56:31.030
contrary to the narrative on media.

56:31.270 --> 56:33.650
So Trump announced the cancellation of meetings

56:34.250 --> 56:35.650
with Iranian officials

56:36.670 --> 56:38.330
until the protest stopped, of course,

56:38.550 --> 56:39.290
as I was mentioning earlier,

56:39.670 --> 56:41.710
and warned the help is on the way.

56:42.230 --> 56:43.070
That kind of fizzled out.

56:44.070 --> 56:48.070
So he moves on to implementing a 25% tariff

56:48.430 --> 56:49.590
on goods linked to Iran.

56:50.370 --> 56:51.590
So that was just imposed.

56:51.970 --> 56:54.430
And this is hiding the fear of regional tension.

56:55.150 --> 56:57.230
And this would of course affect oil flows.

56:58.630 --> 57:01.310
So prices, they're being supported by the disruption

57:02.050 --> 57:06.650
at the Caspian pipeline consortium that's in Kazakhstan.

57:08.250 --> 57:09.510
There's also bad weather

57:11.150 --> 57:14.150
and maintenance has really suffered on that front.

57:14.450 --> 57:16.690
So what's also interesting is drone strikes

57:16.690 --> 57:18.710
have cut lows nearly in half

57:18.710 --> 57:20.810
to be about 900,000 barrels per day.

57:20.950 --> 57:22.910
So supply has definitely reduced already

57:22.910 --> 57:24.510
and I don't see that slowing down.

57:24.970 --> 57:27.050
And this of course would make oil more expensive.

57:28.170 --> 57:29.510
Kazakhstan's largest producer,

57:30.270 --> 57:33.930
they actually halted the output of their oil fields

57:33.930 --> 57:36.030
following mysterious fires

57:36.030 --> 57:39.230
at a power generation facilities across the country.

57:41.190 --> 57:43.930
So at the same time, traders are assessing this

57:43.930 --> 57:46.310
and the rising geopolitical tensions

57:47.170 --> 57:48.750
between the US and Europe actually.

57:50.150 --> 57:52.990
And this of course goes back to the image of Davos

57:52.990 --> 57:54.350
which we're seeing right now.

57:55.130 --> 57:57.650
President Trump has doubled down

57:57.650 --> 58:01.550
on the Greenland narrative and his address at Davos.

58:03.400 --> 58:06.610
And he keeps saying, hey, we're gonna secure Greenland.

58:07.410 --> 58:10.010
I'm downplaying the resistance from you, EU,

58:10.370 --> 58:12.630
you guys are too weak, which is actually true.

58:13.870 --> 58:19.190
So the escalation has really raised concerns

58:19.190 --> 58:23.710
about broader US-EU trade, which I don't think,

58:24.230 --> 58:25.990
I think this trend will continue

58:26.490 --> 58:28.070
because as I was saying earlier,

58:28.390 --> 58:31.370
we're seeing the nation-state really go

58:31.370 --> 58:33.950
into protectionism mode, but US really kicking that off.

58:35.110 --> 58:37.090
I think they figured, hey, if we don't do it,

58:37.110 --> 58:38.990
someone else will, so let's be the first to do it.

58:39.710 --> 58:39.970
Right.

58:40.730 --> 58:43.250
Yeah, I don't know where I saw it on the chat somewhere

58:43.250 --> 58:45.210
but they were saying is Cuba next,

58:45.530 --> 58:48.770
but you're saying Iran would be more of a target

58:48.770 --> 58:50.630
even though that's not a realistic one.

58:51.510 --> 58:54.250
You know, Russia does have a bit of a stronghold on Cuba

58:54.250 --> 58:57.430
that is a threat, but I don't think it's as big.

58:59.330 --> 59:02.750
Cuba doesn't have as many natural resources as Greenland does.

59:03.370 --> 59:04.570
Greenland, like I was showing earlier,

59:04.710 --> 59:07.610
has 25% of the rare earth's minerals worldwide.

59:07.870 --> 59:09.930
So Greenland is more of a priority than Cuba.

59:10.130 --> 59:12.790
Cuba is just a shithole, wouldn't really provide us

59:12.790 --> 59:13.350
any value.

59:15.470 --> 59:18.930
It really is just a Russia's way of trying to move in

59:18.930 --> 59:21.670
closer to the US, but we can easily,

59:22.310 --> 59:24.590
unfortunately, I don't wanna get excited about that,

59:24.710 --> 59:27.650
but the US could easily take that out if they ever needed

59:28.070 --> 59:28.970
if it was immediate threat,

59:29.010 --> 59:30.630
but I don't think that's immediate threat right now.

59:31.690 --> 59:32.050
Right.

59:33.270 --> 59:35.330
Now, that could change, but as of right now,

59:35.490 --> 59:36.690
as we speak, that's how it is.

59:39.030 --> 59:40.710
So yeah, with all that said,

59:42.270 --> 59:44.070
this is part of the reason why I'm actually bullish

59:44.070 --> 59:45.710
on crude oil.

59:46.410 --> 59:47.350
Now here in this chart,

59:48.010 --> 59:50.490
this is a technical analysis standpoint,

59:50.490 --> 59:52.170
meaning just reading the chart.

59:53.390 --> 59:54.610
When it comes to commodities,

59:55.070 --> 59:56.530
I'd like to start with the macro outlook

59:56.530 --> 59:58.850
and then we do the technical analysis on the chart.

59:59.230 --> 01:00:01.690
And the chart is showing that crude oil

01:00:01.690 --> 01:00:03.310
has been setting up this shape.

01:00:03.930 --> 01:00:05.510
It's called a bullish pendant pattern,

01:00:05.890 --> 01:00:07.550
and this has been shaping for years,

01:00:07.810 --> 01:00:11.830
even during the oil drama that we saw in Biden's presidency.

01:00:13.550 --> 01:00:15.610
So this is finally starting to break out,

01:00:16.090 --> 01:00:17.170
as we can see here.

01:00:17.170 --> 01:00:20.910
And this isn't really just a macro story.

01:00:21.110 --> 01:00:22.650
The charts are starting to confirm

01:00:22.650 --> 01:00:24.770
what the fundamentals are telling us.

01:00:27.150 --> 01:00:29.490
So if we dig a little bit deeper,

01:00:29.610 --> 01:00:34.310
what I have on here is as of January 20th, 2026,

01:00:35.130 --> 01:00:37.170
this chart is showing that smart money,

01:00:37.570 --> 01:00:39.210
mostly hedge funds and large institutions

01:00:39.210 --> 01:00:40.230
like pension funds,

01:00:40.570 --> 01:00:43.350
have been quietly building massive positions

01:00:43.350 --> 01:00:44.990
in the oil market,

01:00:45.450 --> 01:00:46.770
and they're betting on it going up.

01:00:47.450 --> 01:00:48.570
In the last two weeks,

01:00:48.670 --> 01:00:52.690
we've seen a massive 106,000 contracts surge

01:00:53.370 --> 01:00:54.450
through the long side,

01:00:54.510 --> 01:00:56.050
meaning that they're betting on it going up.

01:00:56.810 --> 01:00:58.150
So this isn't just buying.

01:00:58.590 --> 01:01:01.350
It's also just a frantic cover of short positions

01:01:01.850 --> 01:01:03.950
that they did have months prior on oil

01:01:04.470 --> 01:01:07.810
as geopolitical risk and Iran and Russia re-emerge.

01:01:08.950 --> 01:01:10.970
So this is just showing fund managers.

01:01:12.370 --> 01:01:13.850
They aren't just looking at next month,

01:01:13.930 --> 01:01:15.990
they're actually looking at the supply gap

01:01:15.990 --> 01:01:17.110
that we're going to have this year

01:01:17.530 --> 01:01:19.210
and probably until at least 2030.

01:01:20.730 --> 01:01:23.330
So they're really just positioned for a supply cliff

01:01:23.330 --> 01:01:28.210
where demand continues to rise driven by AI data centers

01:01:28.610 --> 01:01:29.570
that needs a lot of power

01:01:29.570 --> 01:01:30.970
and we don't have enough power for worldwide

01:01:31.550 --> 01:01:34.030
and global industrialization as well.

01:01:34.690 --> 01:01:35.530
That comes with that.

01:01:35.830 --> 01:01:38.390
So the ability to turn on the taps

01:01:38.790 --> 01:01:40.690
just has really been crippled

01:01:40.690 --> 01:01:42.730
as I was showing you guys earlier in the supply.

01:01:46.130 --> 01:01:48.050
Now let's get into gold as well.

01:01:50.450 --> 01:01:54.090
We've been seeing, actually, I'm skipping ahead.

01:01:54.390 --> 01:01:55.030
Let's go back to oil.

01:01:55.910 --> 01:01:57.430
We've had years of consolidation,

01:01:58.150 --> 01:02:01.190
but looking at the chart is pulling tighter and tighter.

01:02:01.430 --> 01:02:05.810
And this usually signals, especially as we see lower lows

01:02:07.050 --> 01:02:09.050
throughout the years

01:02:09.050 --> 01:02:11.750
that this is gonna be making a big breakout eventually.

01:02:12.410 --> 01:02:13.750
And by tighter and tighter,

01:02:13.750 --> 01:02:16.110
do you mean that the ups and the downs are tighter?

01:02:16.710 --> 01:02:17.370
Yeah, exactly.

01:02:17.570 --> 01:02:18.170
Okay, yep.

01:02:18.710 --> 01:02:20.950
And I kind of demonstrated through these lines that I drew

01:02:22.010 --> 01:02:24.150
and thought this is the pen and sheet.

01:02:26.650 --> 01:02:28.110
So yeah, you know, smart money,

01:02:28.370 --> 01:02:29.510
they must know something, right?

01:02:29.590 --> 01:02:31.010
If they're betting on oil,

01:02:32.630 --> 01:02:35.170
you know, they know that Venezuela oil boom

01:02:35.170 --> 01:02:38.630
is really a more longer term play

01:02:38.630 --> 01:02:41.470
that's not gonna happen anytime soon if it does happen.

01:02:42.310 --> 01:02:43.930
It's not a 2026 story.

01:02:44.670 --> 01:02:48.130
And they're using the Trump headlines actually in dumb money

01:02:48.130 --> 01:02:50.010
buying into the headlines as liquidity

01:02:51.890 --> 01:02:53.930
to build their positions here.

01:02:54.390 --> 01:02:57.650
You know, while dumb money sells because they think,

01:02:57.990 --> 01:02:59.430
you know, they're betting on oil going down

01:02:59.430 --> 01:03:01.350
because they think supply is coming based on the news,

01:03:01.490 --> 01:03:04.710
we can see that institutions are buying up the pieces

01:03:04.710 --> 01:03:05.770
because they know that supply

01:03:06.450 --> 01:03:09.530
is at least five years out in $103 billion away.

01:03:11.470 --> 01:03:14.370
Our friend Sam is in the chat and he's saying,

01:03:14.490 --> 01:03:16.890
shows how green energy isn't all that it's hyped up

01:03:16.890 --> 01:03:19.510
to be with smart money betting on oil, right?

01:03:20.450 --> 01:03:21.270
It's so true.

01:03:21.890 --> 01:03:22.030
Yeah.

01:03:22.990 --> 01:03:26.910
So yeah, you know, while the energy sector is battling

01:03:26.910 --> 01:03:32.070
the supply glut and cooling price for price floor last year,

01:03:32.350 --> 01:03:33.930
we're seeing a total decoupling

01:03:34.610 --> 01:03:37.310
in the hard ass of space in general, not only just oil.

01:03:38.150 --> 01:03:40.770
If oil is the blood of the current economy,

01:03:40.770 --> 01:03:42.190
it makes the world go around.

01:03:42.870 --> 01:03:45.130
Gold and silver actually becoming the insurance policy

01:03:45.130 --> 01:03:46.090
for the next one.

01:03:46.450 --> 01:03:48.890
So that leads me next to gold here.

01:03:49.270 --> 01:03:51.650
As of today, actually gold made a new all-time high.

01:03:51.830 --> 01:03:56.750
You know, now it's at $4,767 an ounce.

01:03:57.810 --> 01:04:00.490
You know, and it really started a rallying last year.

01:04:01.030 --> 01:04:03.150
And you guys might have seen me in past shows saying,

01:04:03.250 --> 01:04:06.570
you know, a few years ago I was bearish on gold

01:04:06.570 --> 01:04:07.570
and silver for that matter.

01:04:08.070 --> 01:04:11.130
And that was because of different situation we're in.

01:04:11.290 --> 01:04:12.130
You know, the Federal Reserve,

01:04:13.010 --> 01:04:15.490
they were cutting or hiring interest rates,

01:04:16.110 --> 01:04:17.950
which is generally bearish for gold.

01:04:18.050 --> 01:04:19.490
But the opposite had came true

01:04:19.490 --> 01:04:21.310
start of end of last year actually,

01:04:21.390 --> 01:04:22.570
the Fed flipped the script

01:04:23.050 --> 01:04:25.910
and now they're what the Delmoney would say printing money.

01:04:26.150 --> 01:04:28.590
So this is going to be, you know, historically

01:04:29.030 --> 01:04:30.050
and what we're seeing right now

01:04:30.050 --> 01:04:31.750
is bullish for precious metals.

01:04:32.470 --> 01:04:34.510
You know, the last time that precious metals rallied

01:04:34.510 --> 01:04:37.070
was actually in 2011 during the last quantitative easing

01:04:37.070 --> 01:04:37.990
cycle from the Fed.

01:04:39.690 --> 01:04:42.270
So, you know, just as we look at how oil is trending

01:04:42.270 --> 01:04:43.670
towards $60 a barrel now,

01:04:45.050 --> 01:04:46.970
typically that's a deflationary signal,

01:04:47.070 --> 01:04:50.230
but there is divergence as energy costs,

01:04:50.850 --> 01:04:51.770
you know, which is really the biggest

01:04:51.770 --> 01:04:53.990
expensive for miners drop.

01:04:54.610 --> 01:04:56.250
So gold and silver are soaring,

01:04:56.510 --> 01:04:58.310
not only because of that, but some more reasons.

01:04:59.410 --> 01:05:02.010
You know, this isn't just a commodity rally in general.

01:05:02.570 --> 01:05:05.710
It's just a margin explosion for the mining companies.

01:05:06.130 --> 01:05:08.630
You know, in Canada, you have a lot of silver miners there.

01:05:10.390 --> 01:05:11.970
So the Commitment of Traders report,

01:05:13.210 --> 01:05:17.010
which was similar to the crude oil, this one,

01:05:17.150 --> 01:05:19.270
this is on crude oil, but there's another one.

01:05:19.330 --> 01:05:20.410
This is the silver chart, by the way.

01:05:20.430 --> 01:05:22.330
It's exploding to almost 100 ounce.

01:05:24.790 --> 01:05:26.530
We can see the Commitment of Traders report

01:05:27.690 --> 01:05:30.050
that they've had a massive net long position,

01:05:30.150 --> 01:05:32.510
meaning they've been betting on it going up for a while.

01:05:32.590 --> 01:05:33.850
And I've been telling my trading community,

01:05:33.850 --> 01:05:36.990
you might not want to sell your physical press medals

01:05:36.990 --> 01:05:37.750
if you do have some.

01:05:38.210 --> 01:05:41.130
I'm still bullish leading into 2027 at the very least,

01:05:42.690 --> 01:05:44.490
based on what we're seeing in the world.

01:05:44.830 --> 01:05:47.570
So the Commitment of Traders is showing as well

01:05:47.570 --> 01:05:51.010
that they are also thinking the same thing.

01:05:51.750 --> 01:05:53.490
So you really don't want to fight that.

01:05:54.090 --> 01:05:56.230
The institutions, they're gonna have better data

01:05:56.230 --> 01:05:58.230
than you, so they must know something.

01:05:59.090 --> 01:05:59.810
Right, right.

01:06:00.350 --> 01:06:01.250
Yeah, things can change,

01:06:01.830 --> 01:06:04.910
since I've known you, your message around precious metals

01:06:04.910 --> 01:06:07.210
was that it's not a good investment.

01:06:07.430 --> 01:06:11.830
It's still true that if you're looking at an ROI,

01:06:12.090 --> 01:06:14.110
that it's really not exactly there.

01:06:14.930 --> 01:06:16.010
Because the last time you were on,

01:06:16.450 --> 01:06:19.250
you said, yeah, now is a good time to sell silver.

01:06:22.270 --> 01:06:25.130
As time goes on, as a trader,

01:06:25.310 --> 01:06:27.890
my outlook has to change based on the macro fundamentals,

01:06:28.010 --> 01:06:29.090
especially when it comes to commodities.

01:06:29.710 --> 01:06:32.150
So during those periods, yeah, that's what I was seeing.

01:06:32.590 --> 01:06:35.030
And historically, especially silver,

01:06:35.150 --> 01:06:36.790
it does underperform inflation.

01:06:38.030 --> 01:06:41.010
So while silver and gold is exploding right now,

01:06:41.050 --> 01:06:45.550
you also have to count in that the dollar lost

01:06:45.550 --> 01:06:47.850
on paper, 10% purchasing power.

01:06:48.090 --> 01:06:50.110
But I think that's a bit light.

01:06:51.530 --> 01:06:54.110
If we actually look at the purchasing manager's decisions

01:06:54.110 --> 01:06:56.670
when it comes to manufacturing and services

01:06:56.670 --> 01:06:57.610
in the US economy,

01:06:58.170 --> 01:07:00.950
they've been raising prices the last two years,

01:07:01.030 --> 01:07:02.030
consistently each month.

01:07:02.870 --> 01:07:04.570
So you can't tell me that inflation is only

01:07:05.110 --> 01:07:06.350
close to 3% right now.

01:07:06.450 --> 01:07:07.570
It's definitely higher than that.

01:07:07.590 --> 01:07:09.090
And you guys can definitely know that

01:07:09.090 --> 01:07:10.490
through ancestral experience.

01:07:11.190 --> 01:07:12.690
And then that trend is not gonna stop,

01:07:13.250 --> 01:07:16.210
especially for 2026 is what I'm looking at even next year.

01:07:17.050 --> 01:07:20.790
Prices are gonna continue to go up on goods and services.

01:07:21.890 --> 01:07:24.990
So even though gold and silver has rallied,

01:07:25.050 --> 01:07:26.950
you do have to count in your purchasing power

01:07:26.950 --> 01:07:28.510
as significantly gone down.

01:07:28.610 --> 01:07:29.910
So have you really gained that much?

01:07:30.450 --> 01:07:32.350
I mean, a little, I guess, in the short term,

01:07:32.410 --> 01:07:33.990
but if we look in the long term,

01:07:34.270 --> 01:07:36.550
especially silver, it does underperform inflation.

01:07:37.170 --> 01:07:37.590
Right.

01:07:38.130 --> 01:07:40.330
And so the truth and narrative around silver

01:07:40.330 --> 01:07:42.430
and gold being high is that it is

01:07:42.430 --> 01:07:44.470
because the dollar is dying,

01:07:44.730 --> 01:07:46.210
it's taking it's last breath.

01:07:47.310 --> 01:07:48.590
Well, it's not the last breath.

01:07:49.050 --> 01:07:50.830
The last breath would be when the dollar

01:07:50.830 --> 01:07:53.690
officially finds a replacement.

01:07:54.290 --> 01:07:55.850
The world finds a replacement for it

01:07:55.850 --> 01:07:56.350
for the world reserves.

01:07:57.170 --> 01:08:00.750
And no one's been able to do so since the 70s.

01:08:01.330 --> 01:08:03.370
So, yeah, until we see that,

01:08:03.510 --> 01:08:05.410
I just don't think the dollar is on its last days.

01:08:07.450 --> 01:08:09.690
It's still the most traded currency in the world.

01:08:11.990 --> 01:08:13.470
Oil is still traded in the dollar.

01:08:13.730 --> 01:08:14.930
So, especially what we've been seeing

01:08:14.930 --> 01:08:16.610
with the oil action, like I highlighted,

01:08:17.090 --> 01:08:18.670
that isn't gonna end anytime soon.

01:08:18.950 --> 01:08:19.250
Right.

01:08:19.790 --> 01:08:20.870
Based on what I'm seeing now.

01:08:21.750 --> 01:08:22.270
You're very good.

01:08:23.110 --> 01:08:24.130
Just a quick heads up,

01:08:24.130 --> 01:08:26.070
if I need to drop out for a minute,

01:08:26.250 --> 01:08:28.350
I'm still here in the background

01:08:28.350 --> 01:08:31.470
and I didn't go away, but it could happen.

01:08:33.210 --> 01:08:37.610
Yeah, so now that energy was cheap last year,

01:08:39.330 --> 01:08:40.510
the metals have become expensive.

01:08:41.890 --> 01:08:44.350
The miners, they aren't just producing gold,

01:08:44.490 --> 01:08:47.530
they're producing record-breaking cash flow.

01:08:50.390 --> 01:08:52.390
So if you look at the central bank actions,

01:08:52.390 --> 01:08:54.250
they've been buying more gold as well.

01:08:55.190 --> 01:08:57.730
We can see that of smaller countries,

01:08:57.950 --> 01:08:59.730
I've actually been buying more gold

01:08:59.730 --> 01:09:01.610
than let's say the bigger players like US and China.

01:09:02.510 --> 01:09:04.590
China, who has been buying less gold

01:09:05.090 --> 01:09:07.010
than they were in 2022 and 2023.

01:09:07.890 --> 01:09:10.530
Poland actually was the 2025 leader here

01:09:10.530 --> 01:09:13.850
on the most aggressive buying this year

01:09:13.850 --> 01:09:14.930
when it comes to gold.

01:09:17.630 --> 01:09:20.530
Added roughly about 83 tons to its reserves

01:09:20.530 --> 01:09:21.950
through October, 2025.

01:09:23.350 --> 01:09:24.370
So their central bank governor

01:09:24.370 --> 01:09:25.850
has really set a target for gold

01:09:25.850 --> 01:09:28.250
to reach 30% of their total reserves.

01:09:29.450 --> 01:09:30.710
Now we were mentioning Kazakhstan earlier.

01:09:31.470 --> 01:09:32.850
What's interesting is they've consistently

01:09:32.850 --> 01:09:34.110
added to their holdings as well.

01:09:34.230 --> 01:09:36.630
I think they anticipated what I was highlighting earlier

01:09:37.490 --> 01:09:39.490
in the decrease in oil supply.

01:09:39.910 --> 01:09:42.070
So with the increase of gold purchasing,

01:09:42.290 --> 01:09:46.930
Kazakhstan now has nearly 41 tons so far

01:09:47.570 --> 01:09:48.730
at the end of 2025.

01:09:49.890 --> 01:09:54.850
Now India, the Reserve Bank of India, RBI,

01:09:55.430 --> 01:09:59.030
has added approximately 75 tons since the start of 2024,

01:09:59.290 --> 01:10:02.230
bringing their official total to around 188 tons.

01:10:02.710 --> 01:10:04.710
So it's kind of smaller economies

01:10:04.710 --> 01:10:06.250
adding to their gold reserves,

01:10:06.590 --> 01:10:08.850
but it is still something to watch.

01:10:10.550 --> 01:10:13.830
Turkey and China, both countries continue to buy

01:10:13.830 --> 01:10:18.670
just at a slightly slower pace than 2022 and 2022.

01:10:19.730 --> 01:10:22.450
China is actually sitting on about 2,300 tons

01:10:23.910 --> 01:10:26.330
when it comes to gold.

01:10:26.590 --> 01:10:27.810
United States still has the most.

01:10:29.810 --> 01:10:31.970
This actually has little to do with the gold rally though.

01:10:32.590 --> 01:10:34.410
I know this is another true third narrative,

01:10:34.630 --> 01:10:37.330
the central banks, they're buying up gold left and right.

01:10:37.510 --> 01:10:38.830
It's really just for the smaller countries.

01:10:39.510 --> 01:10:41.610
This actually has more to do with the Federal Reserve

01:10:41.610 --> 01:10:42.930
and what they're doing right now

01:10:43.330 --> 01:10:44.430
when it comes to money supply.

01:10:45.250 --> 01:10:46.830
Okay, quick question.

01:10:46.830 --> 01:10:49.010
Is it also true that China, India and Russia

01:10:49.010 --> 01:10:51.350
are buying so much silver or is that?

01:10:51.850 --> 01:10:53.490
No, it's gold.

01:10:54.090 --> 01:10:54.210
Okay.

01:10:55.030 --> 01:10:56.930
When it comes to silver purchasing,

01:10:57.090 --> 01:11:00.410
that has more to do with companies, industries,

01:11:01.330 --> 01:11:02.630
especially silver right now.

01:11:03.730 --> 01:11:06.250
We are starting to see a company like Samsung,

01:11:06.470 --> 01:11:07.370
for example, in South Korea,

01:11:07.650 --> 01:11:09.930
they just came out with a silver battery

01:11:09.930 --> 01:11:12.070
which is groundbreaking innovation.

01:11:12.990 --> 01:11:15.870
So that is part of why silver is going up.

01:11:15.870 --> 01:11:17.130
Another reason is, well,

01:11:17.350 --> 01:11:20.890
Trump has imposed tariffs that affects commodities

01:11:20.890 --> 01:11:24.210
that help silver production.

01:11:25.430 --> 01:11:26.930
So we're also seeing a supply shock

01:11:26.930 --> 01:11:28.450
when it comes to silver more than gold.

01:11:29.170 --> 01:11:30.610
Supply shock, we said.

01:11:31.450 --> 01:11:32.390
Right, got it.

01:11:33.090 --> 01:11:35.950
So not too dissimilar from what we're gonna be seeing

01:11:35.950 --> 01:11:36.730
in oil this year.

01:11:39.430 --> 01:11:42.510
So in this picture, I have the US global,

01:11:43.590 --> 01:11:45.790
or yeah, the US M2 money supply.

01:11:46.250 --> 01:11:47.910
So this is basically how much money is in circulation.

01:11:48.730 --> 01:11:51.470
And as you can see, at the end of December,

01:11:52.190 --> 01:11:53.490
it was going lower and lower,

01:11:53.650 --> 01:11:59.090
but as soon as really closer later on this year,

01:11:59.190 --> 01:12:00.630
it's increased more and more.

01:12:01.310 --> 01:12:02.950
So this is a major factor

01:12:02.950 --> 01:12:04.930
on why precious metals are going higher.

01:12:06.630 --> 01:12:07.530
The Federal Reserve is,

01:12:07.790 --> 01:12:10.870
this is essentially representing quantitative easing.

01:12:12.510 --> 01:12:13.950
And increasing money supply.

01:12:15.890 --> 01:12:19.710
So China, they also hold the largest share of global liquidity.

01:12:19.870 --> 01:12:21.950
They've been, quote unquote, printing money in a lot too,

01:12:22.090 --> 01:12:26.630
about 47 trillion worth, followed by the US and EU.

01:12:27.570 --> 01:12:30.710
So while the US is starting to expand its balance sheet again,

01:12:32.070 --> 01:12:33.970
they're buying assets rather than selling,

01:12:35.410 --> 01:12:38.570
other major economies are a bit more aggressive

01:12:38.570 --> 01:12:39.330
than the US actually.

01:12:39.690 --> 01:12:40.970
Bank of England, the BOE,

01:12:41.400 --> 01:12:42.530
we're talking about Carney earlier.

01:12:43.810 --> 01:12:46.250
They cut rates to 4% in August, 2025,

01:12:46.730 --> 01:12:49.090
and their economy has faced significant

01:12:50.030 --> 01:12:50.990
disinflationary pressure.

01:12:52.030 --> 01:12:54.150
So this is forcing them to ease policy

01:12:54.150 --> 01:12:55.830
more rapidly than the Fed actually.

01:12:57.370 --> 01:12:58.150
Now, speaking of Canada,

01:12:59.730 --> 01:13:01.930
the Bank of Canada has been on a cutting spree.

01:13:02.250 --> 01:13:03.970
So they're lowering the policy rate

01:13:03.970 --> 01:13:10.310
to about 2.25% the interest rate as of 2025 December.

01:13:11.310 --> 01:13:13.590
So this is another direct liquidity injection

01:13:13.590 --> 01:13:16.870
into their housing sensitive economy.

01:13:17.950 --> 01:13:19.430
So yeah, across the board,

01:13:19.530 --> 01:13:21.850
we see that central banks are now holding more gold

01:13:22.410 --> 01:13:23.990
than US Treasuries in their reserves

01:13:23.990 --> 01:13:26.410
for the first time actually in 30 years.

01:13:27.230 --> 01:13:29.430
And this is effectively telling us

01:13:29.430 --> 01:13:31.790
that they don't trust the fiat that they're printing.

01:13:34.290 --> 01:13:34.850
Interesting.

01:13:35.890 --> 01:13:36.450
Yeah.

01:13:37.270 --> 01:13:39.490
All right, are you good for just one minute?

01:13:39.490 --> 01:13:41.430
If I go and check a roast,

01:13:41.950 --> 01:13:42.910
I just don't want to...

01:13:42.910 --> 01:13:43.250
Sure.

01:13:43.630 --> 01:13:44.970
Okay, one sec, sorry.

01:13:45.530 --> 01:13:47.950
I actually have somebody texting me right now.

01:13:48.030 --> 01:13:49.290
I think they're trying to get into my place.

01:13:55.400 --> 01:13:57.240
Yeah, I hope the roast is good, Beth, though.

01:13:58.600 --> 01:13:59.820
So yeah, the next slide,

01:13:59.900 --> 01:14:02.340
I'll show you the currency debasement on paper.

01:14:02.960 --> 01:14:03.760
Like I was saying, though,

01:14:03.980 --> 01:14:05.820
when it comes to manufacturing and services,

01:14:06.200 --> 01:14:07.440
purchasing managers in the US,

01:14:08.140 --> 01:14:10.220
they have been raising prices on goods and services

01:14:10.680 --> 01:14:11.780
consistently the last couple of years.

01:14:11.780 --> 01:14:15.740
So this isn't going to be fully accurate in real life,

01:14:15.780 --> 01:14:18.240
but the struggle in the oil markets

01:14:18.820 --> 01:14:22.320
tell us the global demand for old energy is stalling.

01:14:23.380 --> 01:14:26.500
The record highs in gold tell us the demand for hard money

01:14:27.120 --> 01:14:28.100
is just getting started.

01:14:28.420 --> 01:14:31.600
So as the Fed hints at QE going into 2027,

01:14:32.740 --> 01:14:36.180
quantitative easing, the market is shifting its focus.

01:14:36.840 --> 01:14:40.040
So we're moving from a world price in oil

01:14:40.040 --> 01:14:41.800
to a world hedged in bullion.

01:14:42.780 --> 01:14:45.080
So these net long commitment of traders' positions

01:14:45.080 --> 01:14:46.720
I've shown you earlier from the funds,

01:14:47.640 --> 01:14:50.600
they aren't just a bet on a commodity price.

01:14:51.060 --> 01:14:53.300
They're actually a bet against a weakening dollar.

01:14:54.460 --> 01:14:57.620
So of course, as the Fed prints more money,

01:14:57.900 --> 01:15:00.480
does more QE, of course, the dollar's going to get weaker,

01:15:01.360 --> 01:15:03.020
which means to my next point,

01:15:05.180 --> 01:15:08.280
we can see that Trump's latest threats around Greenland,

01:15:10.060 --> 01:15:13.860
only pushed the traders away from the dollar more.

01:15:14.840 --> 01:15:16.720
And it's actually the biggest declines this April.

01:15:17.980 --> 01:15:20.400
And that was, of course, during the tariff panic

01:15:20.400 --> 01:15:21.300
that we saw in the news.

01:15:23.080 --> 01:15:25.280
So yeah, the bullish structures

01:15:25.280 --> 01:15:26.880
on these commodities I've been showing you

01:15:26.880 --> 01:15:28.600
is not likely to slow down.

01:15:29.340 --> 01:15:30.660
So my outlook on the price of nettles

01:15:30.660 --> 01:15:33.820
are actually still bullish until at least 2027.

01:15:34.740 --> 01:15:36.220
What does that mean for consumers?

01:15:36.420 --> 01:15:38.700
Does that mean the price of heating their homes

01:15:38.700 --> 01:15:40.740
is going to go up and all of that kind of stuff,

01:15:40.920 --> 01:15:41.860
and utilities and?

01:15:43.140 --> 01:15:45.140
Yeah, most likely, unfortunately,

01:15:45.440 --> 01:15:48.020
especially data centers were not helping with that.

01:15:48.120 --> 01:15:50.860
They were raising energy costs across the board.

01:15:51.360 --> 01:15:52.580
There's some argument on that.

01:15:52.880 --> 01:15:54.480
Some are, the companies are saying, no, we're not.

01:15:54.660 --> 01:15:55.240
We're lowering it.

01:15:55.720 --> 01:15:58.280
That's definitely not true, though, boosts on the ground.

01:15:59.920 --> 01:16:02.620
But for consumers, I think this is only

01:16:02.620 --> 01:16:04.960
going to make prices higher for goods and services.

01:16:06.160 --> 01:16:07.540
Like we've been seeing the supply managers

01:16:07.540 --> 01:16:10.200
hint at, we'll probably see more

01:16:11.140 --> 01:16:13.000
that rise later this year.

01:16:17.600 --> 01:16:20.040
So yeah, the Fed, what I have here is,

01:16:20.140 --> 01:16:21.320
the Fed's kind of in its dilemma.

01:16:24.160 --> 01:16:26.140
Inflation is higher than they want it to be.

01:16:26.380 --> 01:16:28.460
Their target is 2% historically.

01:16:29.120 --> 01:16:31.040
Historically, that represents that

01:16:31.800 --> 01:16:35.160
inflation is under control and the economy can grow.

01:16:37.860 --> 01:16:40.520
But to keep rates low or to cut them,

01:16:40.940 --> 01:16:43.180
which they're going to continue to do until 2027,

01:16:44.420 --> 01:16:46.280
to service the massive national debt,

01:16:47.580 --> 01:16:50.980
rising gold prices suggest that the market expects the Fed

01:16:50.980 --> 01:16:53.900
to prioritize debt service over inflation fighting.

01:16:54.500 --> 01:16:55.500
And it's certainly been the case.

01:16:55.580 --> 01:16:56.920
I'll kind of show you why in a second.

01:16:58.500 --> 01:17:00.440
This last chart, this actually shows

01:17:00.440 --> 01:17:02.960
they've been quietly expanding their balance sheet

01:17:03.740 --> 01:17:05.140
at the start of this year, actually.

01:17:05.160 --> 01:17:07.440
As you can see right here on the right side.

01:17:08.400 --> 01:17:11.340
So even though it's not officially quantitative easing,

01:17:11.480 --> 01:17:14.260
money printing, the Fed has initiated purchases

01:17:14.260 --> 01:17:18.260
of short-term treasury bonds to maintain bank reserves.

01:17:19.540 --> 01:17:22.580
So in late 2025 and early 2026,

01:17:23.160 --> 01:17:25.640
the Fed conducted reserve management purchases

01:17:26.300 --> 01:17:28.200
about 40 billion per month.

01:17:28.680 --> 01:17:31.160
So this creates new money out of thin air

01:17:31.950 --> 01:17:33.940
to buy government debt, essentially.

01:17:35.160 --> 01:17:36.320
And so the effective diluting,

01:17:37.540 --> 01:17:40.360
this is diluting the dollar's purchasing power, of course,

01:17:40.900 --> 01:17:42.380
and traders are going to move away from it.

01:17:42.880 --> 01:17:45.420
Does it not give credence to the truth or narrative

01:17:45.420 --> 01:17:47.160
that they print money and kill the dollar?

01:17:48.980 --> 01:17:50.940
There's a bit of truth in that, yeah.

01:17:52.060 --> 01:17:54.260
Historically, QE is definitely going to make the dollar weaker.

01:17:54.920 --> 01:17:56.060
But these are cycles.

01:17:56.580 --> 01:17:58.020
We have cycles of quantitative easing

01:17:58.020 --> 01:18:00.340
and we have the opposite, quantitative tightening,

01:18:00.540 --> 01:18:02.060
which we went over in a last show.

01:18:02.860 --> 01:18:04.860
So it's not an end all be all.

01:18:06.000 --> 01:18:09.620
These are just cycles that move every few years.

01:18:11.260 --> 01:18:14.720
From after COVID, after the money printing then

01:18:14.720 --> 01:18:16.540
to Joe Biden's presidency,

01:18:16.840 --> 01:18:19.000
we really saw them do the opposite of money printing, actually.

01:18:19.180 --> 01:18:20.800
Like I was showing you guys in the past.

01:18:21.400 --> 01:18:22.780
But now they flip the script again.

01:18:24.140 --> 01:18:27.140
So it depends what's going on with the economy.

01:18:27.860 --> 01:18:30.400
And really, this is how the Fed controls the economy.

01:18:30.400 --> 01:18:30.780
Right?

01:18:32.900 --> 01:18:35.460
So yeah, coinciding with the Fed's actions,

01:18:35.680 --> 01:18:38.880
the US Treasury has actually accelerated debt buyback program.

01:18:39.560 --> 01:18:41.920
And in January this year,

01:18:42.260 --> 01:18:44.620
the Treasury has scheduled operations to purchase

01:18:44.620 --> 01:18:47.800
up to 38 billion off the run securities,

01:18:48.420 --> 01:18:51.700
meaning those bonds per quarter for liquidity support.

01:18:53.080 --> 01:18:56.200
So by repurchasing older, higher yielding debt

01:18:56.200 --> 01:18:58.740
and replacing it with lower yielding issuance

01:18:58.740 --> 01:19:00.200
as interest rates go down,

01:19:01.280 --> 01:19:03.540
the Treasury is attempting to manage borrowing costs.

01:19:04.240 --> 01:19:07.740
And this effectively acts as another layer of market support

01:19:07.740 --> 01:19:10.960
that mirrors quantitative easing effects.

01:19:12.120 --> 01:19:14.520
So this is going to tighten the supply of available bonds

01:19:14.520 --> 01:19:16.900
and it's going to drive traders towards

01:19:17.740 --> 01:19:20.340
safe havens like gold and silver.

01:19:23.200 --> 01:19:24.020
Very good.

01:19:26.340 --> 01:19:31.280
So this is a currency valuation across the board worldwide.

01:19:32.660 --> 01:19:36.240
Year to date, the dollar has lost 10% on paper,

01:19:36.420 --> 01:19:37.720
just in the currency market.

01:19:39.620 --> 01:19:41.960
With the Fed forecasting a target rate

01:19:41.960 --> 01:19:45.820
of down to close to 3% by the end of 2026,

01:19:46.900 --> 01:19:50.240
or 3.4 I should say, and 3.1 by 2027,

01:19:51.140 --> 01:19:52.700
the yield wall is actually protecting

01:19:54.800 --> 01:19:56.680
the dollar from crumbling at the moment.

01:19:57.140 --> 01:19:58.400
But as time goes on,

01:19:58.440 --> 01:19:59.800
we'll probably see the dollar get a little weaker

01:19:59.800 --> 01:20:00.760
in the next couple of years.

01:20:04.240 --> 01:20:06.580
Any predictions for the Canadian dollar

01:20:06.580 --> 01:20:10.000
or does it just follow along with the US basically?

01:20:10.400 --> 01:20:11.940
Yeah, so the Canadian government

01:20:11.940 --> 01:20:13.880
is actually cutting interest rates more than US.

01:20:14.140 --> 01:20:15.940
It's down to almost 2% right now.

01:20:17.300 --> 01:20:18.500
So yeah, the Canadian currency

01:20:18.900 --> 01:20:21.020
certainly is going to see a bigger drop

01:20:21.020 --> 01:20:21.880
than we saw last year.

01:20:24.020 --> 01:20:25.280
It's 214, it's 20.5.

01:20:26.460 --> 01:20:28.220
So as time goes on, we'll have to update this.

01:20:28.520 --> 01:20:31.100
But last year, Canada lost about 5%,

01:20:31.100 --> 01:20:33.160
compared to US lost 10%.

01:20:33.160 --> 01:20:34.480
US was starting to cut more,

01:20:35.640 --> 01:20:38.200
but now Canada's definitely catching up.

01:20:40.440 --> 01:20:44.020
So yeah, if their Fed cuts rates,

01:20:45.300 --> 01:20:47.580
if they rate cut while inflation remains sticky,

01:20:48.220 --> 01:20:51.220
real yields on the bonds minus inflation

01:20:51.220 --> 01:20:53.320
is going to drop further in negative territory.

01:20:54.080 --> 01:20:56.180
So this kind of removes the primary deterrent

01:20:56.800 --> 01:20:59.360
for holding gold, which pays no interest

01:20:59.360 --> 01:21:02.360
but acts as a store of value in times like this.

01:21:06.780 --> 01:21:09.260
Okay, so speaking of gold and silver,

01:21:09.860 --> 01:21:12.580
gold in particular is actually the most crowded trade

01:21:12.580 --> 01:21:14.760
according to Bank of America's

01:21:14.760 --> 01:21:17.540
monthly global fund manager survey.

01:21:19.080 --> 01:21:21.340
This is basically just a survey

01:21:21.340 --> 01:21:23.080
showing what the top funds,

01:21:24.020 --> 01:21:26.320
hedge funds, those kinds of sorts

01:21:27.020 --> 01:21:29.260
are thinking about certain trades.

01:21:30.300 --> 01:21:33.640
So it actually scored about 65% crowded score

01:21:33.640 --> 01:21:35.600
as far as crowded trades go.

01:21:35.720 --> 01:21:37.880
So if we do see a massive exit,

01:21:38.120 --> 01:21:40.080
this could trigger a fire sale.

01:21:40.580 --> 01:21:43.000
But I don't anticipate that to happen soon,

01:21:43.100 --> 01:21:44.820
probably closer to 2028.

01:21:46.800 --> 01:21:48.400
So yeah, while the commitment traders,

01:21:48.540 --> 01:21:49.340
like I showed you earlier,

01:21:49.940 --> 01:21:53.160
report what I've been tracking

01:21:54.020 --> 01:21:54.700
and what my traders are doing,

01:21:54.940 --> 01:21:55.760
their actual positions,

01:21:57.200 --> 01:21:58.700
this Bank of America survey

01:21:58.700 --> 01:22:01.340
actually tells you what they're thinking and fearing.

01:22:02.920 --> 01:22:04.520
So it gathers data from roughly

01:22:04.520 --> 01:22:07.380
200 and 250 institutional fund managers

01:22:07.380 --> 01:22:09.300
who collectively oversee

01:22:09.300 --> 01:22:12.000
between 500 billion, 700 billion in assets.

01:22:13.260 --> 01:22:15.240
So because these participants

01:22:15.240 --> 01:22:16.720
manage massive pension funds,

01:22:16.860 --> 01:22:18.120
mutual funds and hedge funds,

01:22:18.880 --> 01:22:20.120
the collective shift in opinion

01:22:20.120 --> 01:22:22.580
often dictates where big money flows next.

01:22:27.040 --> 01:22:27.640
Yeah.

01:22:27.680 --> 01:22:28.880
So the average cash balance,

01:22:29.100 --> 01:22:31.300
this is a most famous metric

01:22:31.300 --> 01:22:33.440
from the Bank of America report.

01:22:34.300 --> 01:22:36.180
And there's what's called the cash rule.

01:22:36.480 --> 01:22:37.120
So historically,

01:22:37.840 --> 01:22:40.140
the average cash levels rise above 4.5%.

01:22:40.140 --> 01:22:41.400
It's contrarian

01:22:42.240 --> 01:22:43.800
buy signal for stocks,

01:22:43.980 --> 01:22:45.020
meaning fear is high.

01:22:45.660 --> 01:22:48.440
And if cash falls below 3.5%,

01:22:48.440 --> 01:22:49.420
historically it's more of a

01:22:49.420 --> 01:22:51.760
it's a sell signal, greed is high.

01:22:52.540 --> 01:22:54.680
So the latest one in January,

01:22:54.880 --> 01:22:55.820
fund manager survey,

01:22:56.580 --> 01:22:59.240
it's actually the most bullish since July 2021.

01:23:00.500 --> 01:23:02.580
So they're expecting global growth

01:23:02.580 --> 01:23:04.380
to have jumps, cash levels

01:23:04.380 --> 01:23:07.500
have fallen to a record low of 3.2%.

01:23:08.120 --> 01:23:10.860
And this is against equity,

01:23:12.180 --> 01:23:14.220
protection against an equity sell off,

01:23:14.340 --> 01:23:15.200
equity meaning stocks.

01:23:17.420 --> 01:23:18.880
Since this number is the lowest

01:23:18.880 --> 01:23:20.400
has been since January 2018.

01:23:20.400 --> 01:23:22.660
So this is generally bullish

01:23:22.660 --> 01:23:24.220
for stock market as well.

01:23:24.860 --> 01:23:25.500
So, you know,

01:23:25.540 --> 01:23:27.460
assets across the border are likely to go up.

01:23:27.880 --> 01:23:28.920
Quantitative easing, of course,

01:23:29.180 --> 01:23:31.940
is a big part of why stocks will likely go higher.

01:23:32.080 --> 01:23:33.540
The Fed actually does

01:23:35.640 --> 01:23:36.940
continue with rate cuts.

01:23:37.560 --> 01:23:37.860
Okay.

01:23:38.000 --> 01:23:38.920
What does both of them mean?

01:23:39.040 --> 01:23:40.640
Because that to me now means

01:23:40.640 --> 01:23:42.920
Beth the fresh air, but I bet they're saying that.

01:23:43.240 --> 01:23:44.180
So it's Bank of America.

01:23:44.800 --> 01:23:45.980
Bank of America, thank you.

01:23:45.980 --> 01:23:48.300
Bank of America fund manager survey.

01:23:48.600 --> 01:23:48.960
Okay.

01:23:49.160 --> 01:23:52.960
I believe one of our first episodes.

01:23:55.400 --> 01:23:55.900
Okay.

01:23:55.940 --> 01:23:57.000
Now let's talk about employment.

01:23:58.060 --> 01:23:59.380
You know, unfortunately,

01:23:59.500 --> 01:24:02.360
because of Trump's bureau labor statistics,

01:24:02.720 --> 01:24:04.360
they've been stalling the numbers.

01:24:04.660 --> 01:24:06.200
And I think because the numbers

01:24:06.200 --> 01:24:07.420
are so bad as of late.

01:24:10.100 --> 01:24:11.980
December 2025 is the latest

01:24:11.980 --> 01:24:12.780
jobs report we have.

01:24:12.980 --> 01:24:13.920
It's a little bit behind,

01:24:15.980 --> 01:24:16.620
but we're not having this data.

01:24:18.080 --> 01:24:19.460
And this is basically showing that

01:24:19.460 --> 01:24:21.340
the labor market is frozen right now.

01:24:21.920 --> 01:24:23.400
And this is actually the most confusing

01:24:23.400 --> 01:24:24.360
labor market report.

01:24:25.240 --> 01:24:26.620
I've seen in recent memory.

01:24:27.440 --> 01:24:29.260
Frozen meaning it's not going up and down.

01:24:30.480 --> 01:24:31.000
Yeah.

01:24:31.340 --> 01:24:32.640
Well, hiring is frozen.

01:24:33.060 --> 01:24:33.500
Got it.

01:24:33.720 --> 01:24:34.800
That's the frozen part.

01:24:35.860 --> 01:24:37.440
There's a bit of a nuance though.

01:24:38.020 --> 01:24:41.420
There is your to date from 2024 to 2025,

01:24:41.800 --> 01:24:43.900
a 70% collapse in hiring.

01:24:44.980 --> 01:24:46.940
So the headline number for December shows,

01:24:47.420 --> 01:24:49.280
you know, we only added 50,000 jobs.

01:24:49.460 --> 01:24:51.280
You know, anytime it's below 100,000 jobs added,

01:24:51.880 --> 01:24:53.140
that's generally, you know,

01:24:53.240 --> 01:24:54.400
almost recessionary levels.

01:24:55.340 --> 01:24:57.360
And we actually missed the expectations

01:24:57.360 --> 01:24:59.340
of 70 K jobs added versus 50.

01:25:00.540 --> 01:25:02.220
You know, while that sounds like growth,

01:25:02.320 --> 01:25:03.700
you know, 50,000 jobs added,

01:25:04.160 --> 01:25:06.180
the context is actually much darker.

01:25:06.460 --> 01:25:11.060
So 2024, the average was 167 jobs added per month

01:25:11.060 --> 01:25:13.080
versus the 50 K that we have in December.

01:25:13.680 --> 01:25:15.800
The 2025 average for the whole year

01:25:15.800 --> 01:25:19.000
was 49,000 jobs added per month

01:25:19.000 --> 01:25:21.980
versus the 167 jobs added 2024.

01:25:22.820 --> 01:25:24.580
So that's where the 70% decline

01:25:24.580 --> 01:25:25.660
in hiring comes from.

01:25:27.420 --> 01:25:28.860
Yeah, boots on the ground.

01:25:29.280 --> 01:25:31.520
My son and his friends are all talking

01:25:31.520 --> 01:25:33.240
about how incredibly difficult it is

01:25:33.240 --> 01:25:34.140
to get a job.

01:25:34.440 --> 01:25:36.300
Now that's also partly due to immigration,

01:25:36.720 --> 01:25:36.860
right?

01:25:36.920 --> 01:25:38.720
Because they don't hire white guys,

01:25:38.860 --> 01:25:40.480
especially young white guys anymore.

01:25:41.360 --> 01:25:42.560
That's, you know, unfortunately,

01:25:42.720 --> 01:25:43.800
that's been the trend.

01:25:44.080 --> 01:25:46.180
This is like a remember, unfortunately,

01:25:46.300 --> 01:25:48.900
because, you know, there still are some DEI efforts.

01:25:49.080 --> 01:25:49.920
It depends where you are,

01:25:50.000 --> 01:25:50.920
what company you're working with.

01:25:51.920 --> 01:25:53.560
But yeah, you know, in general,

01:25:54.020 --> 01:25:55.060
the more well the company, yeah,

01:25:55.100 --> 01:25:56.520
they're not going to hire white guys.

01:25:57.320 --> 01:25:59.240
You know, I bet that's more of a trend in Canada,

01:26:00.140 --> 01:26:02.380
just because of the large Asian

01:26:02.860 --> 01:26:05.340
and Indian population you guys have

01:26:05.340 --> 01:26:06.240
compared to US,

01:26:07.380 --> 01:26:08.060
which by the way,

01:26:08.060 --> 01:26:09.180
I don't consider Indians Asians.

01:26:09.520 --> 01:26:11.400
They can try to claim that as much as they want,

01:26:11.440 --> 01:26:14.200
but it's just not true at all.

01:26:14.480 --> 01:26:16.220
Their cultures are vastly different,

01:26:16.540 --> 01:26:17.500
especially East Asia.

01:26:18.040 --> 01:26:18.580
They really are.

01:26:18.800 --> 01:26:20.260
Those guys are smart.

01:26:20.560 --> 01:26:23.640
Indians, they definitely exaggerate their IQs.

01:26:24.160 --> 01:26:24.860
Right, right.

01:26:25.380 --> 01:26:26.740
Sam has a good comment here.

01:26:27.060 --> 01:26:28.720
When cash is down, greed is high.

01:26:29.580 --> 01:26:30.520
Does bullish restocks?

01:26:31.160 --> 01:26:31.320
Yes.

01:26:31.680 --> 01:26:34.320
That's what this is representing.

01:26:34.760 --> 01:26:35.200
Yep.

01:26:35.840 --> 01:26:37.100
And in case you didn't see it,

01:26:37.140 --> 01:26:39.340
at least this is such a phenomenal presentation.

01:26:39.540 --> 01:26:40.360
Thank you for listening.

01:26:41.460 --> 01:26:44.100
Yeah, so, you know,

01:26:44.100 --> 01:26:45.840
job creation has collapsed 70%

01:26:45.840 --> 01:26:46.460
year over year.

01:26:47.160 --> 01:26:48.280
At current levels,

01:26:48.420 --> 01:26:49.860
US has not created enough jobs

01:26:49.860 --> 01:26:51.800
to keep up with the population growth actually.

01:26:53.040 --> 01:26:54.620
We have a tale of two surveys

01:26:54.620 --> 01:26:55.880
and this is kind of why

01:26:55.880 --> 01:26:57.640
the labor market is confusing right now

01:26:57.640 --> 01:27:00.220
because the report is a statistical mess.

01:27:01.360 --> 01:27:02.900
The two main ways we measure jobs

01:27:04.320 --> 01:27:05.060
are different things.

01:27:05.900 --> 01:27:07.600
There is what's called the household survey

01:27:08.320 --> 01:27:12.160
and this is showing 232,000 jobs added

01:27:12.160 --> 01:27:14.020
and this counts self-employed

01:27:14.020 --> 01:27:16.080
and gig workers like Uber drivers, for example.

01:27:17.280 --> 01:27:18.800
But it is notoriously noisy

01:27:18.800 --> 01:27:19.960
and volatile historically.

01:27:20.600 --> 01:27:23.040
Most analysts trust the business survey,

01:27:23.160 --> 01:27:25.460
which is showing the 50k jobs added

01:27:25.460 --> 01:27:26.420
in the non-farm payrolls

01:27:27.220 --> 01:27:29.500
and that shows the market is effectively frozen

01:27:30.060 --> 01:27:32.220
when it comes to hiring jobs added.

01:27:33.360 --> 01:27:36.080
There are major three red flags here

01:27:36.080 --> 01:27:37.780
for US economy in particular.

01:27:38.960 --> 01:27:41.320
You know, there is a revision disaster going on.

01:27:41.440 --> 01:27:43.240
We found, you know,

01:27:43.280 --> 01:27:45.300
they've been recalculating the numbers

01:27:45.300 --> 01:27:46.560
in the past few months

01:27:46.560 --> 01:27:48.600
and saying, oh, it's actually lower

01:27:48.600 --> 01:27:49.840
than we thought it was

01:27:49.840 --> 01:27:51.600
and they just keep doing that over and over.

01:27:51.660 --> 01:27:52.560
We saw that last year.

01:27:53.360 --> 01:27:54.460
We found that, you know,

01:27:54.520 --> 01:27:55.660
October's wasn't just slow,

01:27:56.000 --> 01:27:57.160
it was a disaster, okay?

01:27:57.160 --> 01:28:03.140
It was revised down to negative 173,000 jobs added.

01:28:04.020 --> 01:28:06.000
So that's one of the worst crisis readings

01:28:06.000 --> 01:28:07.380
in history when it comes to this metric.

01:28:07.780 --> 01:28:11.860
You know, basically almost all job growth

01:28:11.860 --> 01:28:13.280
came from just three sectors.

01:28:13.860 --> 01:28:16.740
Food service, healthcare and social assistance.

01:28:17.720 --> 01:28:19.440
Does it stimulate self-employment?

01:28:19.940 --> 01:28:21.220
Does it make people throw up their hands

01:28:21.220 --> 01:28:24.420
and go like, fuck jobs, work for yourself?

01:28:24.840 --> 01:28:25.500
Yeah, you know,

01:28:27.980 --> 01:28:32.200
it's kind of like what we saw during the GFC in 08.

01:28:33.300 --> 01:28:36.820
We saw newer companies taking more market cap,

01:28:37.340 --> 01:28:38.420
more market share, I should say,

01:28:39.040 --> 01:28:40.600
from some of the bigger players

01:28:40.600 --> 01:28:41.480
that were more established.

01:28:42.320 --> 01:28:44.360
So entrepreneurism will probably be on a rise

01:28:45.140 --> 01:28:46.180
given these job levels.

01:28:46.940 --> 01:28:48.000
I don't know if you guys

01:28:48.000 --> 01:28:49.240
have heard this anecdotally,

01:28:49.380 --> 01:28:53.260
but from young people fresh out of college

01:28:53.260 --> 01:28:55.560
to experienced high-level executives,

01:28:56.600 --> 01:28:57.940
they've been sending hundreds,

01:28:58.400 --> 01:28:59.740
thousands of job applications

01:28:59.740 --> 01:29:01.220
and they don't hear anything back.

01:29:01.960 --> 01:29:03.600
So as long as this continues,

01:29:03.700 --> 01:29:05.260
which we're seeing in the data that it is,

01:29:06.380 --> 01:29:07.700
people are going to have to get creative.

01:29:09.280 --> 01:29:09.720
Exactly.

01:29:10.340 --> 01:29:12.400
And in the end, that's really good, right?

01:29:12.500 --> 01:29:14.460
Because compared to a job

01:29:14.460 --> 01:29:16.980
that you don't really have to be strong

01:29:16.980 --> 01:29:19.060
and resilient and resourceful

01:29:19.060 --> 01:29:20.840
and live on your wits

01:29:20.840 --> 01:29:21.680
and all that kind of thing.

01:29:21.820 --> 01:29:24.420
So I think ultimately that will strengthen

01:29:25.560 --> 01:29:27.160
the ability to have more people

01:29:27.160 --> 01:29:28.660
needing to get creative.

01:29:29.680 --> 01:29:30.160
Yeah.

01:29:31.400 --> 01:29:33.180
When it comes to most people,

01:29:33.380 --> 01:29:34.940
they really have to be pushed to a corner

01:29:35.940 --> 01:29:37.360
to start that business

01:29:37.360 --> 01:29:38.600
or take that risk,

01:29:39.360 --> 01:29:40.960
which right now, as you can see,

01:29:40.980 --> 01:29:42.940
is really not as risky as it may seem,

01:29:42.980 --> 01:29:44.020
those kind of decisions.

01:29:46.340 --> 01:29:46.980
So yeah,

01:29:47.820 --> 01:29:49.360
even though hiring is slow,

01:29:50.300 --> 01:29:51.640
wages are kind of rising.

01:29:53.140 --> 01:29:54.220
So this kind of creates

01:29:55.560 --> 01:29:56.160
a kind of federal reserve.

01:29:56.480 --> 01:29:57.560
They're going to go off, you know,

01:29:57.580 --> 01:29:58.840
these fudged numbers

01:29:59.580 --> 01:30:02.640
from the Bureau of Labor Statistics.

01:30:03.820 --> 01:30:05.120
And they don't want to cut rates

01:30:05.120 --> 01:30:07.200
to help the slowing job growth market,

01:30:07.440 --> 01:30:09.540
but wages might keep inflation

01:30:09.540 --> 01:30:11.400
from falling at the same time.

01:30:12.020 --> 01:30:12.920
My view though is,

01:30:13.900 --> 01:30:15.720
you know, the worse this gets,

01:30:15.880 --> 01:30:16.520
like it has been,

01:30:16.820 --> 01:30:18.260
this is definitely a perfect excuse

01:30:18.260 --> 01:30:20.000
for the Fed to cut interest rates.

01:30:20.080 --> 01:30:21.100
And that's why they have been

01:30:25.560 --> 01:30:26.420
they have two

01:30:27.920 --> 01:30:29.380
decisions on interest rates.

01:30:29.560 --> 01:30:30.720
You know, first is the labor market.

01:30:31.240 --> 01:30:33.460
Is it starting to decrease?

01:30:34.120 --> 01:30:35.200
And then also inflation.

01:30:35.440 --> 01:30:36.800
But, you know, the second, the latter,

01:30:37.120 --> 01:30:38.980
they just have not been prioritizing at all.

01:30:39.180 --> 01:30:40.300
It has been going a little bit higher

01:30:40.300 --> 01:30:41.900
and jobs have been getting worse.

01:30:45.200 --> 01:30:47.080
So, you know, the macro outlook is,

01:30:47.120 --> 01:30:47.720
you know, the Fed,

01:30:48.880 --> 01:30:51.000
despite this weird data traders,

01:30:51.380 --> 01:30:52.820
they still expect to rate cuts

01:30:52.820 --> 01:30:54.220
at the very least in 2026.

01:30:55.120 --> 01:30:56.500
If we do look at how smart money

01:30:56.500 --> 01:30:57.300
is pricing this in,

01:30:57.460 --> 01:30:59.060
they're really pricing in about

01:30:59.060 --> 01:31:00.400
four to five interest rate cuts

01:31:00.400 --> 01:31:01.840
in the later half of this year.

01:31:03.460 --> 01:31:04.680
When it comes to unemployment,

01:31:05.260 --> 01:31:06.240
unemployment is actually

01:31:06.240 --> 01:31:07.540
lower than it might sound

01:31:07.540 --> 01:31:09.720
based on all this is at 4.4%.

01:31:10.160 --> 01:31:12.060
It did actually fall slightly

01:31:12.060 --> 01:31:15.060
from 4.5%,

01:31:15.060 --> 01:31:17.040
which it prevents people

01:31:17.040 --> 01:31:18.620
from panicking about immediate recession,

01:31:18.620 --> 01:31:20.800
but the underlying hiring trend

01:31:22.820 --> 01:31:23.240
in years.

01:31:24.320 --> 01:31:25.740
So the labor market

01:31:25.740 --> 01:31:28.120
isn't falling off a cliff yet,

01:31:28.460 --> 01:31:30.080
but that's why I'm calling it frozen.

01:31:30.960 --> 01:31:31.960
You know, in macro terms, frozen

01:31:31.960 --> 01:31:34.100
markets eventually crack over time.

01:31:36.000 --> 01:31:36.500
Right.

01:31:36.720 --> 01:31:37.680
Can I ask you a question?

01:31:37.840 --> 01:31:38.620
Maybe it's a little premature

01:31:38.620 --> 01:31:39.840
for your presentation here,

01:31:40.000 --> 01:31:42.960
but with the job market having

01:31:42.960 --> 01:31:44.100
so much to do with AI

01:31:44.100 --> 01:31:46.460
and taking over for that

01:31:46.460 --> 01:31:48.880
and corporations greedily

01:31:48.880 --> 01:31:50.560
following some like

01:31:50.560 --> 01:31:52.040
short term bottom line,

01:31:52.160 --> 01:31:53.880
I would have to assess

01:31:53.880 --> 01:31:55.060
from my perspective.

01:31:55.340 --> 01:31:57.260
Now, when you have consumers who are

01:31:57.260 --> 01:31:58.680
struggling and they can't spend

01:31:58.680 --> 01:32:00.240
money with the corporations,

01:32:00.500 --> 01:32:02.080
doesn't that work directly against

01:32:02.080 --> 01:32:03.640
them or are they just really

01:32:03.640 --> 01:32:05.580
short-sighted or am I often

01:32:05.580 --> 01:32:06.580
thinking?

01:32:08.280 --> 01:32:09.480
I'm sorry, what was the question?

01:32:10.160 --> 01:32:11.360
My ADHD is kicking in.

01:32:11.780 --> 01:32:12.780
No problem.

01:32:13.060 --> 01:32:18.140
So then, you know,

01:32:19.460 --> 01:32:21.080
productivity out of technology,

01:32:21.140 --> 01:32:22.240
then they are out of people.

01:32:23.160 --> 01:32:25.200
But the people are not going to be

01:32:25.200 --> 01:32:26.360
because they're not employed.

01:32:26.480 --> 01:32:27.860
They don't have the money to spend

01:32:27.860 --> 01:32:29.180
in the economy.

01:32:30.080 --> 01:32:31.940
So is that just short-sighted on

01:32:31.940 --> 01:32:32.460
their part?

01:32:33.160 --> 01:32:33.700
Extremely.

01:32:34.220 --> 01:32:35.340
Extremely short-sighted.

01:32:35.460 --> 01:32:37.940
The Trump admin really represents

01:32:38.760 --> 01:32:40.760
the new money over the old money.

01:32:41.340 --> 01:32:42.360
The new money meaning

01:32:43.140 --> 01:32:45.300
Palantir, Peter Thiel,

01:32:45.300 --> 01:32:46.820
those kind of

01:32:47.560 --> 01:32:48.920
entities, let's call it.

01:32:49.660 --> 01:32:51.320
JD Vance is basically

01:32:51.320 --> 01:32:52.340
Peter Thiel's

01:32:53.140 --> 01:32:54.380
puppet, right?

01:32:55.160 --> 01:32:56.900
Especially the links to the

01:32:56.900 --> 01:32:58.220
AI industry in Ohio,

01:32:58.500 --> 01:32:59.880
which JD Vance is from.

01:33:00.360 --> 01:33:01.500
The guy is a total plan.

01:33:01.740 --> 01:33:03.880
Fake wife, fake family, it's

01:33:03.880 --> 01:33:04.200
ridiculous.

01:33:05.740 --> 01:33:07.140
So yeah, this is definitely

01:33:07.140 --> 01:33:07.820
short-sighted.

01:33:07.900 --> 01:33:09.640
They're just really prioritizing

01:33:09.640 --> 01:33:14.480
their top donors in the

01:33:15.300 --> 01:33:15.480
economy.

01:33:15.480 --> 01:33:16.400
But essentially, this is going to

01:33:16.400 --> 01:33:17.260
make employment worse.

01:33:17.620 --> 01:33:18.700
The more they prioritize the AI,

01:33:19.660 --> 01:33:21.220
the less they prioritize

01:33:21.220 --> 01:33:22.900
the average person, unfortunately.

01:33:24.160 --> 01:33:25.420
So yeah, this is

01:33:26.200 --> 01:33:27.120
not going to be good for the

01:33:27.120 --> 01:33:28.020
economy in the long run.

01:33:28.520 --> 01:33:29.820
Like I said, this frozen market

01:33:29.820 --> 01:33:30.720
eventually will crack.

01:33:32.020 --> 01:33:33.540
We just see a bit of decline in

01:33:33.540 --> 01:33:34.880
consumer spending last year.

01:33:35.440 --> 01:33:37.560
It has gone a little bit higher.

01:33:38.040 --> 01:33:38.840
So we'll probably see a little

01:33:38.840 --> 01:33:40.280
bit of consumer spending first

01:33:40.280 --> 01:33:40.760
half this year.

01:33:40.920 --> 01:33:42.280
But second half, I'm not so

01:33:42.280 --> 01:33:43.640
bullish on.

01:33:45.520 --> 01:33:46.240
So yeah,

01:33:47.180 --> 01:33:48.600
so this chart is actually

01:33:48.600 --> 01:33:49.820
showing like an oops moment

01:33:50.820 --> 01:33:51.980
statistical fluke.

01:33:52.160 --> 01:33:54.600
So we're seeing a massive surge

01:33:54.600 --> 01:33:56.520
in labor productivity, like

01:33:56.520 --> 01:33:56.980
you said,

01:33:57.960 --> 01:33:59.640
the fastest in two years.

01:34:00.660 --> 01:34:01.740
Thanks to AI.

01:34:03.040 --> 01:34:04.700
But that production is being

01:34:04.700 --> 01:34:06.160
driven by capital expenditure

01:34:06.160 --> 01:34:07.800
in artificial intelligence.

01:34:07.800 --> 01:34:08.920
So basically companies investing

01:34:08.920 --> 01:34:11.260
in AI data setters, chips,

01:34:11.320 --> 01:34:11.840
et cetera,

01:34:12.420 --> 01:34:13.960
rather than human headcount.

01:34:15.380 --> 01:34:16.820
So from a quantitative

01:34:16.820 --> 01:34:17.480
perspective,

01:34:18.320 --> 01:34:19.640
the math is straightforward,

01:34:19.760 --> 01:34:21.240
but it's definitely troubling to

01:34:21.240 --> 01:34:21.440
me.

01:34:22.380 --> 01:34:23.700
Even though output is rising, it

01:34:23.700 --> 01:34:24.480
does help GDP

01:34:25.800 --> 01:34:27.320
because AI and automation are

01:34:27.320 --> 01:34:27.720
amplifying

01:34:28.500 --> 01:34:29.060
efficiency.

01:34:30.020 --> 01:34:31.260
Real wages are lagging.

01:34:31.800 --> 01:34:32.600
And like I said, the prices

01:34:32.600 --> 01:34:33.800
are going to continue to go up

01:34:33.800 --> 01:34:35.240
this year next year

01:34:35.600 --> 01:34:36.280
based on what we're seeing

01:34:36.280 --> 01:34:37.020
in the supply manager.

01:34:38.060 --> 01:34:39.020
There's going to be a surplus

01:34:39.020 --> 01:34:41.580
created by this new technology.

01:34:43.200 --> 01:34:44.180
It's going to expand corporate

01:34:44.180 --> 01:34:45.280
margins rather

01:34:46.360 --> 01:34:46.960
than payroll.

01:34:50.480 --> 01:34:52.040
If the jobs data, like I've

01:34:52.040 --> 01:34:53.100
been showing you, continues on

01:34:53.100 --> 01:34:53.500
this trend,

01:34:54.580 --> 01:34:55.540
then yeah, consumers

01:34:56.120 --> 01:34:57.320
are going to have really much

01:34:57.320 --> 01:34:57.940
money to spend.

01:34:58.380 --> 01:34:59.580
And really, if the corporate

01:34:59.580 --> 01:35:00.820
still make up for it, then

01:35:00.820 --> 01:35:01.440
we're in big trouble.

01:35:02.480 --> 01:35:03.300
As of right now, they are

01:35:03.300 --> 01:35:04.260
making up for it in the very

01:35:04.260 --> 01:35:05.720
short term, but that's not

01:35:05.720 --> 01:35:06.600
going to stay like that forever.

01:35:07.520 --> 01:35:08.700
Right. When you look at

01:35:08.700 --> 01:35:10.520
government jobs, which I

01:35:10.520 --> 01:35:11.880
think, I don't know

01:35:11.880 --> 01:35:13.320
numerically, but it's a big

01:35:13.320 --> 01:35:14.000
thing in Canada.

01:35:14.220 --> 01:35:15.820
That's how they get power is

01:35:15.820 --> 01:35:16.900
they just turn everyone into

01:35:17.820 --> 01:35:18.920
employee of their corporation,

01:35:19.560 --> 01:35:20.500
which is not a corporation

01:35:20.500 --> 01:35:21.480
actually. I shouldn't say that

01:35:21.480 --> 01:35:21.700
anymore.

01:35:24.340 --> 01:35:25.220
So then

01:35:26.520 --> 01:35:27.840
do you think this is a

01:35:27.840 --> 01:35:28.840
question? Do you think that

01:35:28.840 --> 01:35:30.500
governments are as hip

01:35:30.500 --> 01:35:32.780
on using AI to replace

01:35:32.780 --> 01:35:33.760
all of their employees?

01:35:34.520 --> 01:35:36.500
So also working against them?

01:35:37.080 --> 01:35:38.060
Yeah. Absolutely.

01:35:38.240 --> 01:35:39.700
I actually seen that in this

01:35:39.700 --> 01:35:40.240
chart right now.

01:35:40.920 --> 01:35:42.160
Now, of course, these

01:35:42.160 --> 01:35:43.820
numbers are fudged to

01:35:43.820 --> 01:35:45.520
really benefit Trump in the

01:35:45.520 --> 01:35:47.660
headlines is truth social

01:35:47.660 --> 01:35:48.060
pose.

01:35:48.780 --> 01:35:49.980
You're saying, Hey, there's

01:35:49.980 --> 01:35:51.700
fewer government jobs, more

01:35:51.700 --> 01:35:52.600
private sector jobs.

01:35:52.620 --> 01:35:53.240
But if you look at the

01:35:53.240 --> 01:35:54.720
private sector jobs, they're

01:35:54.720 --> 01:35:55.960
really just to build the

01:35:55.960 --> 01:35:56.580
infrastructure.

01:35:57.060 --> 01:35:58.020
After that, they're

01:35:58.020 --> 01:35:59.080
unnecessary that you only

01:35:59.080 --> 01:36:00.780
need like tens of

01:36:00.780 --> 01:36:01.780
people to manage these

01:36:01.780 --> 01:36:02.920
facilities, the data

01:36:02.920 --> 01:36:03.560
centers especially.

01:36:04.020 --> 01:36:05.500
So yeah, I do.

01:36:05.680 --> 01:36:06.920
I do think, you know, the

01:36:06.920 --> 01:36:08.020
government will continue to

01:36:08.020 --> 01:36:08.780
decrease jobs.

01:36:09.300 --> 01:36:11.280
I believe the U.S.

01:36:11.480 --> 01:36:12.760
Department of Defense has

01:36:12.760 --> 01:36:14.320
officially started using

01:36:14.320 --> 01:36:15.300
GROC AI

01:36:16.120 --> 01:36:17.480
has given access to

01:36:18.220 --> 01:36:19.360
some of their employees.

01:36:19.680 --> 01:36:21.160
So, you know, GROC has just

01:36:21.160 --> 01:36:22.380
absolutely trashed my opinion

01:36:22.380 --> 01:36:24.040
and I don't see how that's

01:36:24.040 --> 01:36:24.460
a good thing.

01:36:24.740 --> 01:36:25.980
Right. Right. Interesting.

01:36:26.560 --> 01:36:28.180
A question from the chat

01:36:28.180 --> 01:36:29.600
here is the

01:36:29.600 --> 01:36:31.400
NFP bad numbers driven

01:36:31.400 --> 01:36:32.460
mainly by AI

01:36:33.000 --> 01:36:33.440
layoffs.

01:36:33.780 --> 01:36:34.640
Maybe we just said that.

01:36:35.280 --> 01:36:35.780
Yeah, absolutely.

01:36:36.980 --> 01:36:38.160
Across the industries,

01:36:38.240 --> 01:36:39.600
besides health care, food

01:36:42.040 --> 01:36:43.540
and one more I can't remember.

01:36:44.300 --> 01:36:45.340
They have, you know,

01:36:45.640 --> 01:36:46.900
the employers have actually

01:36:46.900 --> 01:36:47.920
been saying, yeah, we're

01:36:48.460 --> 01:36:49.260
seeing more productivity

01:36:49.840 --> 01:36:51.200
because we're using AI agents

01:36:51.680 --> 01:36:52.780
to replace humans with.

01:36:53.040 --> 01:36:54.080
The agents are getting better.

01:36:54.220 --> 01:36:55.420
The more infrastructure

01:36:55.420 --> 01:36:56.120
is being built.

01:36:56.940 --> 01:36:58.240
Right. So I don't expect

01:36:58.240 --> 01:36:59.140
that to slow down either

01:36:59.140 --> 01:37:00.800
because, you know,

01:37:00.920 --> 01:37:01.740
an agent is probably going

01:37:01.740 --> 01:37:02.620
to be faster than human

01:37:02.620 --> 01:37:04.140
in putting things into Excel.

01:37:04.940 --> 01:37:04.980
Right.

01:37:05.500 --> 01:37:06.520
Clearly. Yeah.

01:37:06.820 --> 01:37:07.780
Yeah. I'm two minds about

01:37:07.780 --> 01:37:08.220
all that.

01:37:09.040 --> 01:37:10.700
Marco said I'm going to just

01:37:10.700 --> 01:37:11.680
pound the Rothschild's

01:37:11.680 --> 01:37:12.840
retirement funds 1099s

01:37:13.740 --> 01:37:15.280
for pre-tax, crypto and stocks

01:37:15.280 --> 01:37:16.160
is a total nightmare

01:37:16.160 --> 01:37:17.560
to deal with. Any comment

01:37:17.560 --> 01:37:17.840
there?

01:37:20.520 --> 01:37:22.340
Sorry, I'm a little confused.

01:37:22.980 --> 01:37:24.300
I'm going to pound the Rothschild

01:37:24.300 --> 01:37:24.820
retirement funds.

01:37:26.780 --> 01:37:27.940
I'm not sure what that means.

01:37:28.340 --> 01:37:29.020
Okay. Well, you have to

01:37:29.020 --> 01:37:30.060
clarify for us, Marco.

01:37:31.180 --> 01:37:31.580
Yeah.

01:37:32.420 --> 01:37:33.660
Yeah. You know, I miss all this

01:37:33.660 --> 01:37:36.040
crypto has stayed subdued

01:37:36.040 --> 01:37:36.860
in this price levels.

01:37:38.180 --> 01:37:39.000
Yeah. Interesting.

01:37:39.200 --> 01:37:40.400
Yeah. We've moved from digital

01:37:40.400 --> 01:37:41.500
to hard assets, which is

01:37:41.500 --> 01:37:41.960
interesting.

01:37:43.920 --> 01:37:44.900
Some things are up like

01:37:44.900 --> 01:37:46.080
privacy coins are up.

01:37:47.920 --> 01:37:48.600
Oh, interesting.

01:37:48.720 --> 01:37:49.800
Yeah. I really don't track

01:37:49.800 --> 01:37:50.100
that.

01:37:51.280 --> 01:37:52.300
You know, Bitcoin is kind

01:37:52.300 --> 01:37:53.160
of like an index for

01:37:53.160 --> 01:37:54.080
for crypto.

01:37:54.360 --> 01:37:55.280
So that's really the main one

01:37:55.280 --> 01:37:55.780
I look at.

01:37:56.740 --> 01:37:58.300
So, yeah, you know,

01:37:59.000 --> 01:38:01.240
that's definitely the bad

01:38:01.240 --> 01:38:02.680
thing that or bad things I

01:38:02.680 --> 01:38:03.420
should say I've seen in the

01:38:03.420 --> 01:38:04.460
economy for the U.S.

01:38:05.780 --> 01:38:07.460
AI agents are improving.

01:38:08.360 --> 01:38:09.440
And I think this helps explain

01:38:10.060 --> 01:38:11.220
how we have improving

01:38:11.220 --> 01:38:12.460
productivity and services

01:38:13.380 --> 01:38:14.840
while employment is declining

01:38:14.840 --> 01:38:15.620
for the first half,

01:38:15.620 --> 01:38:16.680
especially in manufacturing.

01:38:17.180 --> 01:38:18.240
That's probably been the most

01:38:18.240 --> 01:38:18.480
hit.

01:38:20.220 --> 01:38:21.900
So, you know, this tweet

01:38:21.900 --> 01:38:23.500
from Trump is just a

01:38:23.500 --> 01:38:24.280
massive cope

01:38:24.280 --> 01:38:26.120
and is hiding the fact that

01:38:26.120 --> 01:38:27.440
AI is wiping out jobs

01:38:27.440 --> 01:38:28.500
through improved agent

01:38:28.500 --> 01:38:29.260
models.

01:38:30.780 --> 01:38:31.400
You know, federal government

01:38:31.400 --> 01:38:33.260
jobs only count for so much.

01:38:33.320 --> 01:38:34.000
It's not that much.

01:38:35.100 --> 01:38:36.180
You know, the narrative being

01:38:36.180 --> 01:38:37.920
floated by dumb money is that

01:38:37.920 --> 01:38:38.980
the drama and Venezuela is

01:38:38.980 --> 01:38:40.120
being used to boost the U.S.

01:38:40.180 --> 01:38:40.500
economy.

01:38:42.440 --> 01:38:43.620
Even though, you know,

01:38:44.620 --> 01:38:45.440
even if that is true,

01:38:45.500 --> 01:38:46.340
it isn't going to work, right?

01:38:46.420 --> 01:38:47.220
As we highlighted earlier,

01:38:48.440 --> 01:38:49.840
the U.S. does need more

01:38:49.840 --> 01:38:50.880
energy than they had the

01:38:50.880 --> 01:38:51.980
capacity for the fuel,

01:38:52.240 --> 01:38:53.120
the amount of data centers,

01:38:53.880 --> 01:38:54.620
wattage usage.

01:38:55.460 --> 01:38:56.780
So it's not so easy as

01:38:56.780 --> 01:38:58.060
we're saying the Venezuela

01:38:58.060 --> 01:39:00.580
oil can sustain this

01:39:00.580 --> 01:39:01.900
like we showed earlier.

01:39:02.440 --> 01:39:04.000
So, you know, nuclear too,

01:39:04.300 --> 01:39:05.500
that's being hyped up right now

01:39:05.500 --> 01:39:06.120
by dumb money,

01:39:06.420 --> 01:39:07.460
but that isn't going to be

01:39:07.460 --> 01:39:09.100
online really into 2030.

01:39:10.080 --> 01:39:11.540
So, we're pulling the

01:39:11.540 --> 01:39:12.620
cart before the horse.

01:39:13.240 --> 01:39:14.500
Between the AI is our

01:39:14.500 --> 01:39:15.120
God crowd

01:39:15.120 --> 01:39:16.300
and the Trump is going to

01:39:16.300 --> 01:39:17.440
save the economy crowd.

01:39:18.220 --> 01:39:19.440
You know, those are often

01:39:19.440 --> 01:39:20.680
juxtaposed if not the

01:39:20.680 --> 01:39:21.300
same people.

01:39:21.860 --> 01:39:22.980
There you go.

01:39:23.380 --> 01:39:24.340
And Marco clarified

01:39:24.940 --> 01:39:25.300
that

01:39:28.920 --> 01:39:30.300
Roth retirement funds

01:39:30.300 --> 01:39:32.720
is post-tax retirement funds.

01:39:33.120 --> 01:39:33.240
Okay.

01:39:33.400 --> 01:39:33.900
So, I thought you were talking

01:39:33.900 --> 01:39:34.940
about the Rothschilds.

01:39:34.980 --> 01:39:35.900
You probably said that in a

01:39:35.900 --> 01:39:36.420
jokingly manner,

01:39:36.440 --> 01:39:37.400
but what he's referring to

01:39:37.400 --> 01:39:38.340
is the Roth IRA,

01:39:38.640 --> 01:39:39.340
which is a U.S.

01:39:39.360 --> 01:39:40.160
retirement account.

01:39:40.700 --> 01:39:41.580
And like you said,

01:39:42.500 --> 01:39:43.440
you know, it is tax-free

01:39:43.440 --> 01:39:44.620
on like 401Ks.

01:39:44.620 --> 01:39:45.560
You do pay tax

01:39:45.960 --> 01:39:46.760
on that later.

01:39:47.560 --> 01:39:48.440
So, the only reason

01:39:48.440 --> 01:39:49.860
you would prioritize a Roth

01:39:49.860 --> 01:39:50.620
over a 401K

01:39:50.620 --> 01:39:51.660
is if you think taxes

01:39:51.660 --> 01:39:52.320
are going to go higher

01:39:52.320 --> 01:39:52.900
over time,

01:39:52.900 --> 01:39:54.800
which I tend to agree with.

01:39:55.000 --> 01:39:55.760
I think the Roth is a

01:39:55.760 --> 01:39:56.700
smarter move for most people.

01:39:56.940 --> 01:39:58.080
But for most people,

01:39:58.160 --> 01:39:59.300
they should be maxing out both.

01:40:00.860 --> 01:40:01.340
Okay.

01:40:02.000 --> 01:40:02.920
If you're employed.

01:40:05.440 --> 01:40:06.580
So, yeah, this chart

01:40:07.220 --> 01:40:08.180
illustrates the

01:40:08.180 --> 01:40:08.960
secured overnight

01:40:08.960 --> 01:40:09.760
financing rate

01:40:09.760 --> 01:40:11.020
forward curve.

01:40:11.300 --> 01:40:12.560
So, it just shows,

01:40:12.720 --> 01:40:13.240
you know, the markets

01:40:14.460 --> 01:40:15.420
expecting future

01:40:15.420 --> 01:40:16.380
interest rate cuts

01:40:16.380 --> 01:40:17.420
in the United States

01:40:17.420 --> 01:40:18.560
to go down to

01:40:18.560 --> 01:40:19.940
close to 3%

01:40:19.940 --> 01:40:21.240
by early 2028.

01:40:21.240 --> 01:40:22.960
You know,

01:40:23.020 --> 01:40:23.900
while the news is making you

01:40:23.900 --> 01:40:24.440
believe Powell,

01:40:25.360 --> 01:40:25.880
Trump Powell,

01:40:25.960 --> 01:40:26.740
the head of the Federal Reserve

01:40:26.740 --> 01:40:27.420
is going to prison,

01:40:28.240 --> 01:40:30.060
you know, as of this year,

01:40:30.180 --> 01:40:30.900
the situation involving

01:40:31.340 --> 01:40:32.760
Powell in the Department of Justice

01:40:34.000 --> 01:40:35.520
has reached a boiling by it.

01:40:36.220 --> 01:40:37.140
You know, historically,

01:40:38.000 --> 01:40:38.620
there's going to be

01:40:38.620 --> 01:40:39.900
a lot of legal mess here,

01:40:40.600 --> 01:40:41.480
political safeguards.

01:40:42.000 --> 01:40:42.680
You know, Congress really

01:40:42.680 --> 01:40:43.820
controls the Fed,

01:40:43.920 --> 01:40:44.960
not DOJ.

01:40:46.020 --> 01:40:46.860
So, it suggests

01:40:46.860 --> 01:40:47.660
that indictment

01:40:47.660 --> 01:40:49.280
is unlikely for the Fed.

01:40:51.280 --> 01:40:52.220
And that Powell will

01:40:52.220 --> 01:40:53.560
likely finish his term as chair.

01:40:54.200 --> 01:40:54.240
Okay.

01:40:54.340 --> 01:40:56.380
So, this is why the rate

01:40:56.380 --> 01:40:57.140
cuts are priced in

01:40:57.140 --> 01:40:58.200
after he leaves, actually.

01:40:58.280 --> 01:40:59.120
He's finished with his

01:40:59.120 --> 01:40:59.660
term in May.

01:41:00.480 --> 01:41:00.780
Okay.

01:41:02.240 --> 01:41:03.160
So, you know,

01:41:03.760 --> 01:41:04.820
Powell has revealed that

01:41:04.820 --> 01:41:06.760
under the Attorney General

01:41:06.760 --> 01:41:07.260
Pam Bondi,

01:41:09.500 --> 01:41:10.260
he was served

01:41:10.260 --> 01:41:10.860
Federal Reserve

01:41:11.500 --> 01:41:12.560
or he was served

01:41:12.560 --> 01:41:13.820
a grand jury subpoena.

01:41:14.200 --> 01:41:15.380
So, it's not an official

01:41:15.380 --> 01:41:16.460
arrest, right?

01:41:16.520 --> 01:41:17.480
It's really just a probe.

01:41:18.640 --> 01:41:19.200
You know,

01:41:19.420 --> 01:41:20.160
the focus and the

01:41:20.160 --> 01:41:20.880
investigation is whether

01:41:20.880 --> 01:41:23.100
Powell misled Congress

01:41:23.800 --> 01:41:25.280
last year regarding the

01:41:25.280 --> 01:41:26.380
two-and-a-half billing

01:41:26.380 --> 01:41:27.400
renovation of the Fed's

01:41:27.920 --> 01:41:28.780
historical buildings.

01:41:29.460 --> 01:41:30.360
And it's Powell

01:41:30.360 --> 01:41:31.220
that's done in May?

01:41:32.100 --> 01:41:32.580
Correct.

01:41:33.080 --> 01:41:33.100
Yep.

01:41:34.260 --> 01:41:35.480
So, as soon as he leaves,

01:41:35.640 --> 01:41:37.120
you know, this number

01:41:37.120 --> 01:41:38.820
might go even lower

01:41:38.820 --> 01:41:40.220
because he's been holding

01:41:40.220 --> 01:41:40.820
back an interest

01:41:40.820 --> 01:41:42.280
more than the other

01:41:42.280 --> 01:41:43.280
Fed governors would like.

01:41:45.400 --> 01:41:46.240
Yeah, you've been

01:41:46.240 --> 01:41:46.980
bullish Powell.

01:41:47.860 --> 01:41:48.400
I said that right.

01:41:48.400 --> 01:41:48.740
I have.

01:41:48.740 --> 01:41:49.940
You know, I actually don't

01:41:49.940 --> 01:41:50.580
mind the guy.

01:41:50.760 --> 01:41:51.700
He's trying to sound

01:41:51.700 --> 01:41:52.440
the alarms like,

01:41:52.520 --> 01:41:53.020
hey, you know,

01:41:53.420 --> 01:41:54.420
the more we cut race,

01:41:54.540 --> 01:41:55.260
that's not going to be good

01:41:55.260 --> 01:41:56.500
in the short to long term,

01:41:56.620 --> 01:41:56.780
right?

01:41:57.180 --> 01:41:57.420
So,

01:41:59.220 --> 01:42:00.080
it's definitely troubling

01:42:00.080 --> 01:42:00.480
to see,

01:42:00.560 --> 01:42:01.220
especially the inflation

01:42:01.220 --> 01:42:01.720
going higher.

01:42:01.920 --> 01:42:03.040
That's really the whole point

01:42:03.040 --> 01:42:03.900
of QT is the lower

01:42:03.900 --> 01:42:04.320
inflation,

01:42:04.460 --> 01:42:05.320
but we haven't seen that

01:42:05.320 --> 01:42:06.520
happen really

01:42:06.520 --> 01:42:08.500
the last year.

01:42:10.380 --> 01:42:11.660
A quick question about

01:42:13.320 --> 01:42:14.820
USDC versus Stable Coins?

01:42:16.420 --> 01:42:17.460
I buy.

01:42:18.440 --> 01:42:18.960
Sorry,

01:42:19.000 --> 01:42:20.440
I just think Stable Coins

01:42:20.440 --> 01:42:21.380
are shit.

01:42:22.920 --> 01:42:24.080
It's just the USD,

01:42:24.660 --> 01:42:24.840
right?

01:42:25.460 --> 01:42:26.380
There is no Stable Coin

01:42:26.380 --> 01:42:27.020
without the USD.

01:42:27.940 --> 01:42:28.820
So it's pointless.

01:42:29.400 --> 01:42:30.440
You're just transferring

01:42:30.440 --> 01:42:31.460
money to a third party

01:42:31.460 --> 01:42:32.100
when you could just

01:42:32.100 --> 01:42:32.900
hold dollars yourself.

01:42:34.520 --> 01:42:35.160
Got it.

01:42:35.780 --> 01:42:36.260
Thank you.

01:42:36.780 --> 01:42:36.920
Yeah.

01:42:37.540 --> 01:42:38.820
And it also holds

01:42:38.820 --> 01:42:39.720
a little bit of commodities

01:42:39.720 --> 01:42:40.260
like gold,

01:42:40.360 --> 01:42:40.680
for example.

01:42:40.800 --> 01:42:41.860
So you get a higher

01:42:41.860 --> 01:42:42.840
return on investment

01:42:42.840 --> 01:42:43.880
just,

01:42:43.880 --> 01:42:44.460
you know,

01:42:44.520 --> 01:42:45.780
doing these things yourself

01:42:45.780 --> 01:42:47.500
instead of outsourcing it

01:42:47.500 --> 01:42:47.860
to

01:42:47.860 --> 01:42:49.280
something that is really

01:42:49.280 --> 01:42:50.380
easily hackable

01:42:50.380 --> 01:42:52.860
has been proven over time.

01:42:53.660 --> 01:42:54.360
But yeah,

01:42:54.460 --> 01:42:55.820
that's just my opinion

01:42:55.820 --> 01:42:57.040
on Stable Coins

01:42:57.040 --> 01:42:58.060
and crypto in general.

01:42:58.660 --> 01:42:59.700
Could you see that ever

01:42:59.700 --> 01:43:00.040
changing?

01:43:00.500 --> 01:43:01.820
Your opinion on

01:43:01.820 --> 01:43:02.600
precious metals

01:43:02.600 --> 01:43:03.620
has shifted?

01:43:05.460 --> 01:43:06.020
Maybe.

01:43:06.400 --> 01:43:07.220
Maybe if the US

01:43:07.220 --> 01:43:08.120
does adopt a digital

01:43:08.120 --> 01:43:08.540
currency,

01:43:08.940 --> 01:43:10.060
which I doubt it will

01:43:10.060 --> 01:43:10.700
anytime soon

01:43:10.700 --> 01:43:12.000
in our lifetime,

01:43:12.160 --> 01:43:12.800
but we'll have to see

01:43:12.800 --> 01:43:14.040
I'm willing to change

01:43:14.040 --> 01:43:14.960
my position

01:43:14.960 --> 01:43:16.580
if new data comes in.

01:43:16.760 --> 01:43:17.760
But so far as the data

01:43:17.760 --> 01:43:18.260
has been showing,

01:43:18.680 --> 01:43:19.760
this is really just

01:43:19.760 --> 01:43:20.820
Trump pumping

01:43:20.820 --> 01:43:21.620
his Trump coin.

01:43:22.560 --> 01:43:23.800
His son is on the

01:43:23.800 --> 01:43:24.380
advisory board

01:43:24.380 --> 01:43:26.380
these crypto firms.

01:43:27.320 --> 01:43:29.000
So this is all fake news

01:43:29.000 --> 01:43:29.440
really.

01:43:30.320 --> 01:43:30.900
Got it.

01:43:33.700 --> 01:43:34.680
So if you look at

01:43:34.680 --> 01:43:35.280
the past two decades,

01:43:35.760 --> 01:43:36.640
you can see on this chart

01:43:36.640 --> 01:43:38.260
inflation on paper

01:43:38.800 --> 01:43:40.060
is actually averaging

01:43:40.060 --> 01:43:42.200
around 2.7%.

01:43:42.820 --> 01:43:43.800
And that's roughly where

01:43:43.800 --> 01:43:44.460
we are today,

01:43:44.540 --> 01:43:44.860
supposedly,

01:43:45.200 --> 01:43:46.580
but if we look

01:43:46.580 --> 01:43:47.060
at the purchasing

01:43:47.060 --> 01:43:47.820
manager index

01:43:47.820 --> 01:43:49.420
for both manufacturing

01:43:49.420 --> 01:43:50.160
and services,

01:43:50.400 --> 01:43:51.480
we can see prices

01:43:51.480 --> 01:43:52.140
are going to keep going

01:43:52.140 --> 01:43:52.560
higher.

01:43:53.580 --> 01:43:54.440
So this is a major

01:43:54.440 --> 01:43:55.040
difference between

01:43:55.040 --> 01:43:55.880
what we're seeing

01:43:55.880 --> 01:43:57.220
in the CPI numbers

01:43:57.220 --> 01:43:58.060
in reality.

01:43:59.920 --> 01:44:00.320
Now,

01:44:00.360 --> 01:44:00.940
speaking of metals,

01:44:01.160 --> 01:44:01.640
I do want to give

01:44:01.640 --> 01:44:02.300
some opportunity

01:44:02.300 --> 01:44:03.140
on how you can take

01:44:03.140 --> 01:44:03.880
advantage of everything

01:44:03.880 --> 01:44:04.820
that we covered today.

01:44:06.300 --> 01:44:06.920
Some of you

01:44:06.920 --> 01:44:07.540
might have missed out

01:44:07.540 --> 01:44:08.240
on the Golden Silver

01:44:08.240 --> 01:44:08.600
Rally,

01:44:09.740 --> 01:44:10.720
but based on

01:44:10.720 --> 01:44:11.080
my report,

01:44:11.200 --> 01:44:11.840
you might be a little bit

01:44:11.840 --> 01:44:12.620
bullish on it still.

01:44:13.740 --> 01:44:14.460
As shown in this chart

01:44:14.460 --> 01:44:14.740
here,

01:44:15.700 --> 01:44:17.380
gold and precious metals

01:44:17.380 --> 01:44:18.480
remain a relatively

01:44:18.480 --> 01:44:19.300
small allocation

01:44:19.900 --> 01:44:21.620
within global portfolios.

01:44:22.560 --> 01:44:23.400
It's only estimated

01:44:23.400 --> 01:44:24.440
1% to 2% of assets

01:44:24.440 --> 01:44:25.020
globally,

01:44:25.460 --> 01:44:26.260
currently allocated

01:44:26.260 --> 01:44:28.180
to gold stocks.

01:44:29.760 --> 01:44:30.360
So the

01:44:30.360 --> 01:44:31.640
light blue line

01:44:31.640 --> 01:44:32.620
is the

01:44:32.620 --> 01:44:33.460
precious metal index.

01:44:33.860 --> 01:44:34.740
And overlaid is

01:44:34.740 --> 01:44:35.100
the US

01:44:35.100 --> 01:44:36.580
precious metal allocations

01:44:36.580 --> 01:44:37.060
worldwide.

01:44:38.900 --> 01:44:39.420
So,

01:44:39.420 --> 01:44:40.780
there has a lot of room

01:44:40.780 --> 01:44:41.400
to catch up here.

01:44:42.920 --> 01:44:43.340
And then

01:44:43.340 --> 01:44:45.140
this next slide

01:44:45.140 --> 01:44:46.560
shows despite

01:44:46.560 --> 01:44:47.580
triple-digit gains

01:44:47.580 --> 01:44:48.340
that precious metals

01:44:48.340 --> 01:44:49.180
saw in 2025,

01:44:50.380 --> 01:44:51.420
I believe gold stocks

01:44:51.420 --> 01:44:52.320
could actually continue

01:44:52.320 --> 01:44:53.280
to outperform gold

01:44:53.280 --> 01:44:54.380
in 2026.

01:44:55.000 --> 01:44:56.060
Gold companies remain

01:44:56.060 --> 01:44:57.780
at historically low values,

01:44:58.880 --> 01:44:59.780
valuations based

01:44:59.780 --> 01:45:00.920
on most metrics.

01:45:01.700 --> 01:45:02.400
And while stocks

01:45:02.400 --> 01:45:03.440
experience a re-rating

01:45:03.440 --> 01:45:04.540
in the second half

01:45:04.540 --> 01:45:05.200
of 2025,

01:45:05.940 --> 01:45:06.920
this came after

01:45:06.920 --> 01:45:07.620
almost two decades

01:45:07.620 --> 01:45:08.460
of persistent

01:45:08.460 --> 01:45:09.300
re-rating.

01:45:10.200 --> 01:45:11.060
So, gold stocks

01:45:11.060 --> 01:45:11.780
could actually be

01:45:11.780 --> 01:45:12.760
your next opportunity

01:45:13.300 --> 01:45:13.500
potentially

01:45:14.360 --> 01:45:16.360
as this year

01:45:16.360 --> 01:45:16.880
moves on.

01:45:17.900 --> 01:45:18.320
And like I was

01:45:18.320 --> 01:45:19.100
showing the interest rate

01:45:19.100 --> 01:45:19.740
expectations,

01:45:20.140 --> 01:45:21.040
it could even go

01:45:21.040 --> 01:45:21.880
into 2028.

01:45:22.980 --> 01:45:23.920
So, it's not late

01:45:23.920 --> 01:45:24.780
for the stocks.

01:45:24.920 --> 01:45:25.360
It would be

01:45:25.360 --> 01:45:26.660
a little late

01:45:26.660 --> 01:45:28.000
for the actual

01:45:28.000 --> 01:45:28.680
metals, right?

01:45:28.820 --> 01:45:28.940
Yeah.

01:45:29.260 --> 01:45:29.500
You know,

01:45:29.500 --> 01:45:30.160
especially physical,

01:45:31.140 --> 01:45:31.320
you know,

01:45:31.340 --> 01:45:31.860
you're really going to

01:45:31.860 --> 01:45:32.420
screw it over

01:45:32.420 --> 01:45:33.420
on the dealer spread.

01:45:34.140 --> 01:45:34.820
They're going to charge

01:45:34.820 --> 01:45:36.180
you at least 10%

01:45:36.180 --> 01:45:36.720
over spot,

01:45:37.360 --> 01:45:38.220
spot meaning just,

01:45:38.280 --> 01:45:38.540
you know,

01:45:38.660 --> 01:45:39.200
what the market is

01:45:39.200 --> 01:45:39.880
actually pricing in.

01:45:40.260 --> 01:45:41.260
So, the market is pricing

01:45:41.260 --> 01:45:42.380
in about 4,800 ounce.

01:45:42.760 --> 01:45:43.540
If you try to buy

01:45:43.540 --> 01:45:44.060
from a dealer,

01:45:44.260 --> 01:45:44.700
it's going to be closer

01:45:44.700 --> 01:45:45.560
to 5,000 or,

01:45:45.780 --> 01:45:46.460
if not more.

01:45:48.100 --> 01:45:48.760
So, you know,

01:45:48.800 --> 01:45:49.740
that's one thing

01:45:49.740 --> 01:45:50.860
you could do on your own.

01:45:50.960 --> 01:45:51.620
I'll let you do

01:45:51.620 --> 01:45:52.240
your own due diligence

01:45:52.240 --> 01:45:52.680
and find,

01:45:52.860 --> 01:45:53.440
you know,

01:45:53.460 --> 01:45:53.920
the gold and silver

01:45:53.920 --> 01:45:54.740
miners by yourself.

01:45:54.960 --> 01:45:55.400
I'm not going to,

01:45:56.060 --> 01:45:56.500
you know,

01:45:56.520 --> 01:45:56.960
that's more for

01:45:56.960 --> 01:45:57.560
my trading group.

01:45:58.480 --> 01:45:59.440
But it is a macro

01:45:59.440 --> 01:46:00.160
outlook I have.

01:46:00.900 --> 01:46:01.420
And then,

01:46:01.420 --> 01:46:01.900
you know,

01:46:01.920 --> 01:46:03.420
speaking of my trading group,

01:46:03.620 --> 01:46:04.400
I was going to say,

01:46:04.660 --> 01:46:05.360
why don't you say

01:46:05.360 --> 01:46:06.180
something about it

01:46:06.180 --> 01:46:07.020
just because I do

01:46:07.020 --> 01:46:07.700
have a hard stop

01:46:07.700 --> 01:46:09.040
in 14 minutes.

01:46:09.360 --> 01:46:09.520
Yeah.

01:46:09.600 --> 01:46:10.640
This is the last slide

01:46:10.640 --> 01:46:10.960
actually.

01:46:11.440 --> 01:46:11.680
Okay.

01:46:11.700 --> 01:46:11.880
Great.

01:46:12.720 --> 01:46:13.680
You know,

01:46:13.780 --> 01:46:15.380
despite gold or silver

01:46:15.380 --> 01:46:15.840
for that matter,

01:46:15.920 --> 01:46:17.320
having 150% gain

01:46:17.320 --> 01:46:17.840
in 2025,

01:46:18.660 --> 01:46:19.420
this is the return

01:46:19.420 --> 01:46:20.000
I got just

01:46:20.000 --> 01:46:21.260
trading index options.

01:46:21.920 --> 01:46:22.520
And I wasn't

01:46:22.520 --> 01:46:23.260
betting on a direction

01:46:23.260 --> 01:46:24.260
like I wasn't betting

01:46:24.260 --> 01:46:25.580
the horse or the farm.

01:46:25.660 --> 01:46:26.240
I should say that

01:46:26.240 --> 01:46:27.160
all stocks are going

01:46:27.160 --> 01:46:27.660
to go up

01:46:27.660 --> 01:46:28.220
or they're going to go

01:46:28.220 --> 01:46:28.540
down.

01:46:28.720 --> 01:46:29.400
I didn't take a direction.

01:46:29.600 --> 01:46:30.060
I actually traded

01:46:30.060 --> 01:46:30.980
both directions

01:46:30.980 --> 01:46:31.760
because I'm

01:46:31.760 --> 01:46:33.000
directionally agnostic.

01:46:34.280 --> 01:46:34.840
Which is your

01:46:34.840 --> 01:46:36.360
paradigm of trading,

01:46:36.820 --> 01:46:36.920
right?

01:46:37.120 --> 01:46:37.280
Exactly.

01:46:37.280 --> 01:46:37.800
So no matter what

01:46:37.800 --> 01:46:38.540
the market does,

01:46:39.500 --> 01:46:40.420
you have a hedge.

01:46:41.220 --> 01:46:41.620
Exactly.

01:46:41.980 --> 01:46:42.700
It's inevitable.

01:46:42.880 --> 01:46:43.520
The markets are going

01:46:43.520 --> 01:46:44.300
to move up or down,

01:46:44.300 --> 01:46:45.020
right?

01:46:45.120 --> 01:46:45.580
Over time.

01:46:46.560 --> 01:46:47.140
So I'm not

01:46:47.140 --> 01:46:47.840
actually buying the

01:46:47.840 --> 01:46:48.360
stock itself.

01:46:48.660 --> 01:46:49.100
I'm trading

01:46:49.100 --> 01:46:49.880
contracts

01:46:50.500 --> 01:46:51.060
that are

01:46:51.060 --> 01:46:51.980
pricing the movements

01:46:51.980 --> 01:46:53.060
both up and down.

01:46:53.800 --> 01:46:54.260
And you know,

01:46:54.260 --> 01:46:55.460
with these option contracts

01:46:55.460 --> 01:46:56.320
it limits my risk.

01:46:56.460 --> 01:46:57.180
As you can see here,

01:46:57.480 --> 01:46:58.460
this is asymmetric

01:46:58.460 --> 01:47:00.020
where my losses were,

01:47:00.520 --> 01:47:00.600
you know,

01:47:00.660 --> 01:47:01.580
for the $2,000 account,

01:47:01.740 --> 01:47:02.420
I was showing an example.

01:47:02.560 --> 01:47:03.280
Anyone can do this

01:47:03.280 --> 01:47:04.000
with a very small amount

01:47:04.000 --> 01:47:04.320
of money.

01:47:05.600 --> 01:47:06.240
With this,

01:47:06.480 --> 01:47:06.640
you know,

01:47:07.160 --> 01:47:07.520
you took

01:47:08.160 --> 01:47:09.220
about almost $2,000

01:47:09.220 --> 01:47:09.880
in losses

01:47:09.880 --> 01:47:10.680
if we round up.

01:47:10.860 --> 01:47:11.100
But

01:47:11.100 --> 01:47:12.260
the wins

01:47:12.740 --> 01:47:13.480
were seven,

01:47:13.780 --> 01:47:14.680
almost $8,000.

01:47:15.420 --> 01:47:15.720
So,

01:47:15.960 --> 01:47:16.160
you know,

01:47:16.200 --> 01:47:16.680
with options

01:47:16.680 --> 01:47:18.240
and how smart money trades

01:47:18.240 --> 01:47:19.380
like I demonstrated

01:47:19.380 --> 01:47:20.640
in the group,

01:47:20.960 --> 01:47:21.640
you're limiting

01:47:21.640 --> 01:47:22.140
your losses

01:47:22.140 --> 01:47:23.120
and you're lending your upside,

01:47:23.600 --> 01:47:24.120
almost be

01:47:24.120 --> 01:47:25.060
virtually unlimited.

01:47:25.660 --> 01:47:26.040
Now, assuming

01:47:26.040 --> 01:47:27.060
stocks can

01:47:27.060 --> 01:47:28.300
technically go to infinity

01:47:28.300 --> 01:47:29.100
and not saying it will,

01:47:29.280 --> 01:47:29.440
but

01:47:29.440 --> 01:47:31.040
if you do the math right

01:47:31.040 --> 01:47:32.460
on the risk reward,

01:47:32.880 --> 01:47:34.040
you can get this kind of result.

01:47:34.360 --> 01:47:35.260
So, so far it's up

01:47:35.260 --> 01:47:36.020
150%

01:47:36.020 --> 01:47:36.740
last year.

01:47:37.460 --> 01:47:37.920
But

01:47:37.920 --> 01:47:39.560
the return on capital trading

01:47:39.560 --> 01:47:40.000
like this

01:47:40.000 --> 01:47:40.480
in the group,

01:47:41.100 --> 01:47:42.120
you got almost

01:47:42.120 --> 01:47:42.780
300%

01:47:42.780 --> 01:47:43.680
for more than double

01:47:43.680 --> 01:47:44.420
Silver's rise

01:47:44.420 --> 01:47:45.380
in just one year.

01:47:46.980 --> 01:47:47.440
Great.

01:47:48.420 --> 01:47:48.880
Now,

01:47:48.940 --> 01:47:49.820
this strategy in particular,

01:47:49.980 --> 01:47:50.320
I'm highlighting

01:47:50.320 --> 01:47:50.820
because

01:47:51.680 --> 01:47:52.680
this doesn't involve

01:47:52.680 --> 01:47:53.200
stock picking

01:47:53.200 --> 01:47:54.060
or doing research.

01:47:54.820 --> 01:47:55.780
It doesn't even involve

01:47:55.780 --> 01:47:56.520
like a long course.

01:47:56.700 --> 01:47:56.860
Actually,

01:47:56.940 --> 01:47:57.900
this is what I call the

01:47:57.900 --> 01:47:58.480
five minute

01:48:00.400 --> 01:48:01.160
trading portfolio.

01:48:02.040 --> 01:48:02.140
So,

01:48:02.200 --> 01:48:03.160
it literally is what it sounds

01:48:03.160 --> 01:48:04.380
like it only takes five minutes

01:48:04.380 --> 01:48:05.300
to put this on

01:48:06.260 --> 01:48:07.180
and you just copy

01:48:07.180 --> 01:48:08.180
basically what I do,

01:48:08.220 --> 01:48:09.120
you don't even have to take,

01:48:09.180 --> 01:48:09.380
you know,

01:48:09.420 --> 01:48:10.000
whole course.

01:48:10.280 --> 01:48:11.220
I just have one video

01:48:11.220 --> 01:48:12.300
how to implement this

01:48:12.300 --> 01:48:13.520
and we trade together

01:48:13.520 --> 01:48:14.080
as a group.

01:48:15.060 --> 01:48:15.440
So,

01:48:15.560 --> 01:48:15.740
you know,

01:48:15.780 --> 01:48:16.400
a lot of my traders

01:48:16.400 --> 01:48:17.120
are just copying

01:48:17.120 --> 01:48:17.620
what I'm doing.

01:48:18.540 --> 01:48:18.640
You know,

01:48:18.640 --> 01:48:19.200
they don't have to say

01:48:19.200 --> 01:48:20.040
glue to the screen.

01:48:20.520 --> 01:48:21.540
They're not day trading.

01:48:21.900 --> 01:48:22.580
They can place these

01:48:22.580 --> 01:48:23.320
orders overnight

01:48:23.320 --> 01:48:23.840
because I'm assuming

01:48:23.840 --> 01:48:25.260
most of you are working

01:48:25.260 --> 01:48:25.820
full-time

01:48:25.820 --> 01:48:26.720
or you have a full-time

01:48:26.720 --> 01:48:27.080
business.

01:48:28.240 --> 01:48:28.680
So,

01:48:28.740 --> 01:48:28.840
yeah,

01:48:28.940 --> 01:48:29.540
with five minutes

01:48:29.540 --> 01:48:30.840
once every few months,

01:48:31.000 --> 01:48:32.340
you can implement this.

01:48:33.300 --> 01:48:33.740
Nice.

01:48:34.520 --> 01:48:35.340
And I'm sharing a link

01:48:35.340 --> 01:48:36.000
to the

01:48:36.000 --> 01:48:36.620
Twitter business

01:48:36.620 --> 01:48:38.080
builders here

01:48:38.080 --> 01:48:38.800
if you'd like to

01:48:38.800 --> 01:48:39.460
check it out.

01:48:40.500 --> 01:48:41.780
This is a link

01:48:41.780 --> 01:48:42.640
that I've been gifted

01:48:42.640 --> 01:48:43.900
so I will benefit

01:48:43.900 --> 01:48:45.260
if anyone signs up

01:48:45.260 --> 01:48:45.720
through me.

01:48:45.720 --> 01:48:46.660
So, thank you very much

01:48:46.660 --> 01:48:47.420
for doing that.

01:48:47.500 --> 01:48:48.020
You don't have to.

01:48:48.620 --> 01:48:49.620
And thank you to Brandon

01:48:49.620 --> 01:48:50.860
for giving me this.

01:48:51.180 --> 01:48:51.280
Of course.

01:48:51.480 --> 01:48:52.240
Yeah, Beth, you know,

01:48:52.280 --> 01:48:53.100
she shows up every week

01:48:53.100 --> 01:48:53.960
on our weekly calls,

01:48:54.100 --> 01:48:54.720
our live calls.

01:48:55.980 --> 01:48:56.480
I love that.

01:48:56.480 --> 01:48:57.280
It's been a lot of fun

01:48:57.920 --> 01:48:59.080
and I actually

01:48:59.080 --> 01:48:59.980
included a QR code

01:48:59.980 --> 01:49:01.180
that includes your link, Beth.

01:49:01.560 --> 01:49:01.800
Okay.

01:49:01.940 --> 01:49:02.660
Oh, thank you very much.

01:49:02.740 --> 01:49:03.380
If you want to support

01:49:03.380 --> 01:49:03.780
Beth

01:49:04.480 --> 01:49:05.720
and also join this group

01:49:05.720 --> 01:49:06.500
at the same time,

01:49:06.860 --> 01:49:07.460
this QR code

01:49:07.460 --> 01:49:08.280
will allow you to do so.

01:49:09.000 --> 01:49:09.500
Very kind.

01:49:09.640 --> 01:49:09.980
Thank you.

01:49:12.460 --> 01:49:12.880
So, yeah,

01:49:12.920 --> 01:49:13.960
I know I'm going to be

01:49:13.960 --> 01:49:15.680
wrong at least 50% of the time.

01:49:16.440 --> 01:49:17.260
As you can see here,

01:49:17.340 --> 01:49:18.580
I have a win score of five

01:49:18.580 --> 01:49:20.160
and a loss score of four,

01:49:20.280 --> 01:49:21.760
which is generally that, right?

01:49:21.880 --> 01:49:22.540
But even that,

01:49:22.740 --> 01:49:23.680
as long as you make the math

01:49:23.680 --> 01:49:24.360
asymmetric,

01:49:25.020 --> 01:49:26.080
which is pretty easy to do

01:49:26.080 --> 01:49:26.560
and I'll demonstrate

01:49:26.560 --> 01:49:27.400
for you guys continually.

01:49:28.320 --> 01:49:29.620
You can get this kind of results.

01:49:30.320 --> 01:49:31.060
So you can start

01:49:31.060 --> 01:49:31.780
with a few thousand

01:49:31.780 --> 01:49:33.180
all the way to higher.

01:49:37.200 --> 01:49:37.700
Very good.

01:49:37.900 --> 01:49:38.360
Yeah, it's,

01:49:38.360 --> 01:49:39.160
it's lovely

01:49:39.160 --> 01:49:40.560
because there's no big

01:49:40.560 --> 01:49:41.440
a grandi,

01:49:42.020 --> 01:49:42.360
you know,

01:49:42.360 --> 01:49:43.140
a grandisement

01:49:43.140 --> 01:49:45.420
and oh, I make the best trades

01:49:45.420 --> 01:49:46.520
always ever.

01:49:47.260 --> 01:49:47.600
And I mean,

01:49:47.640 --> 01:49:48.560
you're one of the smartest guys.

01:49:48.740 --> 01:49:49.440
I know Brandon.

01:49:50.140 --> 01:49:50.580
And,

01:49:50.680 --> 01:49:51.420
and then,

01:49:51.460 --> 01:49:52.520
so you're just demonstrating

01:49:52.520 --> 01:49:53.380
in a humble way

01:49:53.380 --> 01:49:54.800
what actually works

01:49:55.360 --> 01:49:56.380
rather than trying

01:49:56.380 --> 01:49:57.500
to make these claims

01:49:57.500 --> 01:49:58.500
that everything is going to

01:49:58.500 --> 01:49:59.420
be so great

01:49:59.420 --> 01:50:00.260
and you're so great.

01:50:01.220 --> 01:50:01.960
Yeah, you know,

01:50:01.960 --> 01:50:03.220
kind of like my other work.

01:50:03.540 --> 01:50:04.440
I'm not trying to reinvent

01:50:04.440 --> 01:50:05.800
the wheel on any of this stuff.

01:50:06.020 --> 01:50:06.260
Right.

01:50:06.420 --> 01:50:07.360
Especially financial stuff.

01:50:08.400 --> 01:50:09.080
So really,

01:50:09.140 --> 01:50:10.380
I just took

01:50:10.380 --> 01:50:11.520
a trading strategy

01:50:11.520 --> 01:50:12.380
that Morgan Stanley

01:50:13.400 --> 01:50:14.530
created in the 1980s.

01:50:15.680 --> 01:50:16.700
Goldman Sachs actually

01:50:16.700 --> 01:50:17.690
perfected in the early 2000s

01:50:18.300 --> 01:50:18.860
and it's basically

01:50:18.860 --> 01:50:19.720
just long short

01:50:19.720 --> 01:50:20.560
meaning you're

01:50:20.560 --> 01:50:21.820
directly agnostic.

01:50:22.360 --> 01:50:23.500
You know that you're not going

01:50:23.500 --> 01:50:24.240
to be a hundred percent right,

01:50:24.800 --> 01:50:25.700
but we can still

01:50:26.140 --> 01:50:26.900
make the math

01:50:26.900 --> 01:50:27.500
asymmetric.

01:50:27.860 --> 01:50:28.500
So really,

01:50:28.560 --> 01:50:29.160
I'm just taking this

01:50:29.160 --> 01:50:30.020
on a smaller scale

01:50:30.020 --> 01:50:30.460
for you guys

01:50:30.460 --> 01:50:30.980
because those guys

01:50:30.980 --> 01:50:31.780
are managing billions.

01:50:32.220 --> 01:50:32.320
Right.

01:50:32.740 --> 01:50:33.740
They have multiple positions,

01:50:34.000 --> 01:50:34.760
not just the index

01:50:34.760 --> 01:50:35.720
like I'm showing you here.

01:50:36.460 --> 01:50:37.200
But this is,

01:50:37.240 --> 01:50:37.720
you know,

01:50:37.740 --> 01:50:38.460
similar system

01:50:38.460 --> 01:50:39.740
exact same kind of math

01:50:39.740 --> 01:50:40.920
that anyone can implement.

01:50:41.500 --> 01:50:41.640
You know,

01:50:41.640 --> 01:50:42.660
no experience is needed.

01:50:43.540 --> 01:50:43.980
Wonderful.

01:50:44.760 --> 01:50:45.600
That's really great.

01:50:47.080 --> 01:50:48.820
So I'm not seeing any more

01:50:48.820 --> 01:50:50.120
questions in the chat.

01:50:50.440 --> 01:50:51.240
Is there anything else

01:50:51.240 --> 01:50:52.280
that you wanted to share

01:50:52.280 --> 01:50:52.780
with us today?

01:50:52.880 --> 01:50:53.860
That's a great presentation,

01:50:54.160 --> 01:50:54.380
by the way.

01:50:55.340 --> 01:50:55.700
No,

01:50:55.840 --> 01:50:56.000
you know,

01:50:56.000 --> 01:50:57.280
I think we covered really

01:50:57.280 --> 01:50:58.180
the whole gambit here.

01:50:58.680 --> 01:50:58.960
Okay.

01:50:59.060 --> 01:50:59.580
Very efficient.

01:50:59.940 --> 01:51:00.740
Thanks for bringing a

01:51:00.740 --> 01:51:01.720
presentation gets me off

01:51:01.720 --> 01:51:02.980
the hook for trying to,

01:51:03.440 --> 01:51:03.820
you know,

01:51:04.360 --> 01:51:04.800
full disclosure,

01:51:05.280 --> 01:51:06.800
I really didn't know

01:51:06.800 --> 01:51:07.600
one thing.

01:51:07.600 --> 01:51:08.620
I came into your class

01:51:08.620 --> 01:51:09.200
the first year.

01:51:09.280 --> 01:51:10.460
I'm literally just trying

01:51:10.460 --> 01:51:11.940
to hear and feel

01:51:11.940 --> 01:51:12.900
and be in the culture

01:51:12.900 --> 01:51:13.460
of that

01:51:13.460 --> 01:51:14.020
because my,

01:51:14.020 --> 01:51:15.540
all my life I've blocked it

01:51:15.540 --> 01:51:16.180
or looked away

01:51:16.180 --> 01:51:17.100
or just not looked in.

01:51:18.220 --> 01:51:19.540
and so it's,

01:51:19.600 --> 01:51:20.300
it's a good subject.

01:51:20.440 --> 01:51:21.000
It's the same way

01:51:21.000 --> 01:51:22.440
I've taken on the toxic

01:51:22.440 --> 01:51:22.960
biopair.

01:51:23.060 --> 01:51:24.360
I'm in all the medical

01:51:24.360 --> 01:51:25.320
literature that it,

01:51:25.320 --> 01:51:26.440
it refers to.

01:51:26.960 --> 01:51:27.400
At first,

01:51:27.580 --> 01:51:28.060
it's just like,

01:51:28.100 --> 01:51:29.240
I can't even share it.

01:51:29.260 --> 01:51:30.600
It's just this wall of words.

01:51:30.780 --> 01:51:31.400
And I have to,

01:51:31.560 --> 01:51:32.020
but,

01:51:32.060 --> 01:51:33.180
but now I'm listening

01:51:33.180 --> 01:51:33.660
and it's like,

01:51:33.720 --> 01:51:33.940
yeah,

01:51:33.960 --> 01:51:35.260
you say to me something

01:51:35.260 --> 01:51:37.760
like alcohol dehydrogenase

01:51:37.760 --> 01:51:39.000
and my brain right away

01:51:39.000 --> 01:51:39.900
is doing the math

01:51:39.900 --> 01:51:40.900
on the D means

01:51:40.900 --> 01:51:42.200
less hydrogen

01:51:42.200 --> 01:51:43.460
and there's

01:51:43.460 --> 01:51:44.840
the alcohol is poison

01:51:44.840 --> 01:51:45.740
and you know,

01:51:45.740 --> 01:51:46.840
so it comes in.

01:51:47.060 --> 01:51:47.540
I like,

01:51:47.640 --> 01:51:48.480
I like learning

01:51:48.480 --> 01:51:49.580
in that environment

01:51:49.580 --> 01:51:50.680
with you in particular.

01:51:52.100 --> 01:51:53.000
Yeah, you know,

01:51:53.020 --> 01:51:54.360
it's one of the reasons

01:51:54.360 --> 01:51:55.500
I stay looking so young.

01:51:55.780 --> 01:51:56.420
I don't know if you guys

01:51:56.420 --> 01:51:57.060
can believe this,

01:51:57.080 --> 01:51:58.140
but I'm actually aged 30

01:51:58.140 --> 01:51:58.620
this year.

01:51:58.940 --> 01:52:00.440
So, you know,

01:52:00.460 --> 01:52:01.060
I've kept my youth

01:52:01.060 --> 01:52:02.380
because I don't work

01:52:02.380 --> 01:52:02.840
for money.

01:52:03.300 --> 01:52:04.360
I let my money

01:52:04.360 --> 01:52:04.920
work for me.

01:52:06.820 --> 01:52:07.460
Well done.

01:52:07.880 --> 01:52:08.660
Yeah, you're a good example.

01:52:09.700 --> 01:52:10.680
And Sam is saying,

01:52:10.760 --> 01:52:11.800
thank you for this presentation.

01:52:13.480 --> 01:52:14.680
You are very welcome.

01:52:15.400 --> 01:52:15.720
All right.

01:52:15.920 --> 01:52:16.100
So,

01:52:16.960 --> 01:52:18.820
then I think that's all.

01:52:19.080 --> 01:52:19.200
Again,

01:52:19.320 --> 01:52:20.120
if anybody would like

01:52:20.120 --> 01:52:21.880
to check out the link

01:52:21.880 --> 01:52:23.080
is also in the notes below.

01:52:23.200 --> 01:52:24.040
So if you're seeing this

01:52:24.040 --> 01:52:24.860
after the fact

01:52:24.860 --> 01:52:25.500
and you don't catch

01:52:25.500 --> 01:52:26.260
the QR code

01:52:26.260 --> 01:52:26.840
or the chat,

01:52:27.000 --> 01:52:28.400
then you can find

01:52:28.400 --> 01:52:29.560
that trader business

01:52:29.560 --> 01:52:30.540
builders link

01:52:30.540 --> 01:52:31.280
long link

01:52:31.280 --> 01:52:32.440
in the notes

01:52:32.440 --> 01:52:33.200
down below.

01:52:33.200 --> 01:52:34.520
And I do recommend it.

01:52:34.660 --> 01:52:35.120
It's pretty

01:52:35.120 --> 01:52:36.680
pretty risk-free

01:52:36.680 --> 01:52:38.580
for a big education.

01:52:38.780 --> 01:52:39.300
You get access

01:52:39.300 --> 01:52:40.220
to your whole school

01:52:41.020 --> 01:52:41.780
account there

01:52:41.780 --> 01:52:42.200
that's got

01:52:42.200 --> 01:52:43.380
year, you know,

01:52:43.380 --> 01:52:45.280
the two years of recordings

01:52:45.280 --> 01:52:46.420
and the classes

01:52:46.420 --> 01:52:47.340
to two,

01:52:47.800 --> 01:52:48.120
two,

01:52:48.500 --> 01:52:49.160
at least two rounds

01:52:49.160 --> 01:52:49.920
of the actual

01:52:49.920 --> 01:52:51.520
eight week class that you do.

01:52:52.120 --> 01:52:52.920
Walking people

01:52:52.920 --> 01:52:53.620
step by step.

01:52:54.080 --> 01:52:54.720
I really stopped

01:52:54.720 --> 01:52:55.940
implementing just because

01:52:55.940 --> 01:52:56.560
I saw

01:52:57.340 --> 01:52:58.300
people don't really

01:52:58.300 --> 01:52:58.940
want to take courses

01:52:58.940 --> 01:52:59.900
and it makes sense.

01:53:00.220 --> 01:53:01.200
I've experienced

01:53:01.200 --> 01:53:01.940
courses as well

01:53:01.940 --> 01:53:02.980
and they suck, you know,

01:53:03.220 --> 01:53:03.780
time intensive.

01:53:04.620 --> 01:53:04.780
It's

01:53:04.780 --> 01:53:06.260
you can't get monotonous.

01:53:06.760 --> 01:53:07.600
So that's why

01:53:07.600 --> 01:53:08.400
I'm really focusing on

01:53:08.400 --> 01:53:09.180
the five minute portfolio

01:53:09.180 --> 01:53:10.420
because this can get

01:53:10.420 --> 01:53:10.900
your results

01:53:10.900 --> 01:53:12.080
within a few months

01:53:12.080 --> 01:53:13.360
if you implemented

01:53:13.360 --> 01:53:13.780
correctly.

01:53:14.600 --> 01:53:15.940
And you're very attentive

01:53:15.940 --> 01:53:16.980
also to the markets

01:53:16.980 --> 01:53:18.020
on a daily basis.

01:53:18.020 --> 01:53:18.920
So you're always

01:53:18.920 --> 01:53:20.160
putting information

01:53:20.160 --> 01:53:21.940
into the forum

01:53:21.940 --> 01:53:23.040
and helping people

01:53:23.040 --> 01:53:24.140
to engage with it,

01:53:24.260 --> 01:53:25.160
asking questions

01:53:25.160 --> 01:53:25.800
and

01:53:25.800 --> 01:53:27.320
and making polls

01:53:27.320 --> 01:53:28.340
and that kind of thing.

01:53:28.440 --> 01:53:29.140
So yeah,

01:53:29.200 --> 01:53:30.360
it's really good.

01:53:32.260 --> 01:53:33.300
Be the best.

01:53:34.600 --> 01:53:35.180
Be

01:53:35.860 --> 01:53:37.000
the is best.

01:53:38.080 --> 01:53:38.920
I do not understand.

01:53:39.660 --> 01:53:40.840
Beth is best.

01:53:41.360 --> 01:53:42.300
Something like that.

01:53:43.100 --> 01:53:44.100
Thank you if that's

01:53:44.100 --> 01:53:44.440
what I meant.

01:53:45.160 --> 01:53:45.920
All right, everyone.

01:53:46.140 --> 01:53:46.940
Well, thank you very much

01:53:46.940 --> 01:53:48.140
for joining today

01:53:48.140 --> 01:53:49.340
and giving attention

01:53:49.340 --> 01:53:49.980
to this.

01:53:50.160 --> 01:53:51.120
I always have

01:53:51.120 --> 01:53:51.840
a good feeling

01:53:51.840 --> 01:53:53.100
about that.

01:53:53.240 --> 01:53:54.080
Like I said at the beginning

01:53:54.080 --> 01:53:55.000
reality is better

01:53:55.000 --> 01:53:56.500
than the made up stuff.

01:53:57.700 --> 01:53:58.240
And

01:53:58.880 --> 01:54:00.040
this week I'm

01:54:00.040 --> 01:54:00.900
hosting Matt

01:54:00.900 --> 01:54:01.380
Arit.

01:54:01.600 --> 01:54:02.280
I was actually going to

01:54:02.280 --> 01:54:03.760
maybe mention it to you, Brent

01:54:03.760 --> 01:54:04.380
and as well.

01:54:04.520 --> 01:54:05.580
I'm doing a series

01:54:05.580 --> 01:54:06.740
on the Beth of Fresh Air

01:54:06.740 --> 01:54:07.720
on the evolution

01:54:07.720 --> 01:54:09.400
of culture and society.

01:54:09.880 --> 01:54:11.600
So it's a mega topic.

01:54:11.840 --> 01:54:12.460
It's like, you know,

01:54:12.540 --> 01:54:13.680
it could go in

01:54:13.680 --> 01:54:14.740
a lot of different directions

01:54:14.740 --> 01:54:15.820
and no doubt

01:54:15.820 --> 01:54:17.440
at some point sooner or later

01:54:17.440 --> 01:54:18.200
we could do one

01:54:18.200 --> 01:54:18.940
on economics

01:54:19.540 --> 01:54:20.360
and finance

01:54:20.360 --> 01:54:21.140
because that's

01:54:21.140 --> 01:54:21.960
a massive part

01:54:21.960 --> 01:54:23.080
of our culture roles.

01:54:23.500 --> 01:54:24.200
This week it's going

01:54:24.200 --> 01:54:24.900
to be Matt Arit

01:54:24.900 --> 01:54:25.480
who is a

01:54:25.480 --> 01:54:26.800
actually related

01:54:26.800 --> 01:54:27.420
to what we're talking

01:54:27.420 --> 01:54:28.340
about today

01:54:28.340 --> 01:54:29.040
who's an expert

01:54:29.040 --> 01:54:30.040
in geopolitical

01:54:30.940 --> 01:54:31.280
evolution

01:54:31.620 --> 01:54:32.620
of culture

01:54:32.620 --> 01:54:33.160
and society.

01:54:33.580 --> 01:54:34.240
So he's a really

01:54:34.240 --> 01:54:34.900
smart guy,

01:54:35.140 --> 01:54:35.660
a good guy

01:54:35.660 --> 01:54:36.720
and he genuinely

01:54:36.720 --> 01:54:37.860
wants to change

01:54:37.860 --> 01:54:39.340
the landscape

01:54:39.340 --> 01:54:40.440
of the culture

01:54:40.440 --> 01:54:41.340
for the better

01:54:41.340 --> 01:54:42.100
and that's

01:54:42.100 --> 01:54:42.800
what I'm after

01:54:42.800 --> 01:54:43.500
with this series.

01:54:43.640 --> 01:54:43.980
The first

01:54:43.980 --> 01:54:45.480
of the series

01:54:45.800 --> 01:54:46.700
that is called

01:54:46.700 --> 01:54:47.900
Evolve My Son

01:54:47.900 --> 01:54:49.100
came for

01:54:49.100 --> 01:54:49.960
an interview

01:54:49.960 --> 01:54:50.820
and I asked him

01:54:50.820 --> 01:54:51.720
about his perspective

01:54:51.720 --> 01:54:52.920
and

01:54:52.920 --> 01:54:54.060
we got some nasty

01:54:54.060 --> 01:54:55.320
one nasty Karen

01:54:55.320 --> 01:54:56.160
in the chat

01:54:56.160 --> 01:54:56.960
there that

01:54:56.960 --> 01:54:58.080
just couldn't resist.

01:54:58.080 --> 01:54:58.760
I'm sure they've been

01:54:58.760 --> 01:54:59.380
following me

01:54:59.380 --> 01:55:00.940
for the whole time already

01:55:00.940 --> 01:55:02.060
just waiting for a chance

01:55:02.060 --> 01:55:03.180
to do some

01:55:03.180 --> 01:55:03.740
shit talking

01:55:03.740 --> 01:55:04.380
and they did

01:55:04.380 --> 01:55:05.660
and in a way

01:55:05.660 --> 01:55:06.680
it's kind of fun

01:55:06.680 --> 01:55:07.000
because

01:55:08.000 --> 01:55:08.820
Liam's a good

01:55:09.540 --> 01:55:10.260
I don't know

01:55:10.260 --> 01:55:10.760
example

01:55:10.760 --> 01:55:12.220
of being

01:55:12.220 --> 01:55:12.980
able to think

01:55:12.980 --> 01:55:14.000
and

01:55:14.000 --> 01:55:15.100
come from

01:55:15.100 --> 01:55:15.860
a place

01:55:15.860 --> 01:55:16.480
that is

01:55:16.480 --> 01:55:17.900
well beyond

01:55:17.900 --> 01:55:18.880
where I was at

01:55:18.880 --> 01:55:19.460
19

01:55:19.460 --> 01:55:20.680
like just absolutely

01:55:20.680 --> 01:55:21.560
you know

01:55:21.560 --> 01:55:22.720
on the moral side

01:55:22.720 --> 01:55:23.580
on the intelligence

01:55:23.580 --> 01:55:24.220
on the

01:55:24.220 --> 01:55:25.280
basic awareness

01:55:25.280 --> 01:55:26.120
of what's going on

01:55:26.120 --> 01:55:26.660
in his world

01:55:26.660 --> 01:55:27.820
he's really ahead

01:55:27.820 --> 01:55:28.280
so

01:55:28.900 --> 01:55:29.880
that's worth watching

01:55:29.880 --> 01:55:30.620
and then

01:55:30.620 --> 01:55:31.820
the week after

01:55:31.820 --> 01:55:32.860
Dagmar Stansova

01:55:32.860 --> 01:55:33.800
is coming to talk about

01:55:33.800 --> 01:55:34.540
the evolution

01:55:34.540 --> 01:55:35.940
of the performing arts

01:55:35.940 --> 01:55:36.560
in particular

01:55:36.560 --> 01:55:38.240
because that's her niche

01:55:38.760 --> 01:55:39.900
so yeah this series

01:55:39.900 --> 01:55:40.700
will probably go on

01:55:40.700 --> 01:55:41.300
for quite a while

01:55:41.900 --> 01:55:42.720
and you can join us

01:55:42.720 --> 01:55:43.780
always going to be Friday

01:55:43.780 --> 01:55:45.120
at 2 p.m.

01:55:45.340 --> 01:55:45.980
central time.

01:55:47.300 --> 01:55:47.880
You know

01:55:47.880 --> 01:55:48.600
if we have time

01:55:48.600 --> 01:55:49.740
for another show

01:55:49.740 --> 01:55:50.160
on that

01:55:50.160 --> 01:55:51.660
new podcast for yours

01:55:51.660 --> 01:55:52.360
maybe we can talk about

01:55:52.360 --> 01:55:53.840
the anti-Asian protocols

01:55:53.840 --> 01:55:54.480
that I've done

01:55:55.840 --> 01:55:57.120
I don't know if you guys can tell

01:55:57.120 --> 01:55:57.800
but I am

01:55:57.800 --> 01:55:58.860
half Korean

01:55:58.860 --> 01:55:59.440
so

01:56:00.060 --> 01:56:01.440
I've been doing a deep dive

01:56:01.440 --> 01:56:02.300
on

01:56:03.160 --> 01:56:03.860
you know

01:56:03.860 --> 01:56:04.940
the culture behind that

01:56:05.340 --> 01:56:05.940
as of late

01:56:06.800 --> 01:56:07.660
Did you say

01:56:07.660 --> 01:56:08.800
insight agents

01:56:08.800 --> 01:56:10.200
or did I miss that entirely?

01:56:10.620 --> 01:56:11.900
Oh you missed that entirely

01:56:11.900 --> 01:56:12.360
Okay

01:56:12.360 --> 01:56:13.440
What did you say then?

01:56:13.920 --> 01:56:14.440
Um

01:56:15.040 --> 01:56:16.120
I was just talking about

01:56:16.120 --> 01:56:16.780
that anti-aging

01:56:16.780 --> 01:56:18.060
Anti-aging

01:56:18.060 --> 01:56:18.380
Yeah

01:56:18.380 --> 01:56:19.940
Not insight agents

01:56:19.940 --> 01:56:20.600
Ah yeah

01:56:20.600 --> 01:56:21.080
right right

01:56:21.080 --> 01:56:22.340
Oh absolutely

01:56:22.340 --> 01:56:23.820
absolutely let's do that

01:56:23.820 --> 01:56:24.460
that would be a wonderful

01:56:24.460 --> 01:56:25.280
topic for that

01:56:25.880 --> 01:56:26.280
Yep

01:56:26.280 --> 01:56:26.800
Great

01:56:26.800 --> 01:56:27.680
Yeah fantastic

01:56:27.680 --> 01:56:28.560
and it looks like

01:56:28.560 --> 01:56:29.280
that's going to show up

01:56:29.280 --> 01:56:30.740
in your school as well

01:56:30.740 --> 01:56:31.640
a little bit

01:56:31.640 --> 01:56:32.640
you've got a course coming out

01:56:33.400 --> 01:56:34.360
So it's going to be

01:56:34.360 --> 01:56:35.180
more of a guide

01:56:35.180 --> 01:56:36.020
than a course

01:56:36.020 --> 01:56:36.520
Okay

01:56:36.520 --> 01:56:37.180
I'm just going to be

01:56:37.180 --> 01:56:37.940
sharing what I'm doing

01:56:37.940 --> 01:56:39.200
nothing financial

01:56:39.200 --> 01:56:39.760
in that group

01:56:39.760 --> 01:56:40.700
it's going to be a separate

01:56:40.700 --> 01:56:41.060
thing

01:56:41.600 --> 01:56:42.620
it's more for fun

01:56:42.620 --> 01:56:43.040
actually

01:56:43.040 --> 01:56:44.060
it's not going to be

01:56:44.060 --> 01:56:44.600
it's more of a

01:56:44.600 --> 01:56:45.800
passion project in mind

01:56:47.060 --> 01:56:47.460
Wonderful

01:56:47.460 --> 01:56:48.380
that's really good

01:56:49.160 --> 01:56:49.960
All right everyone

01:56:49.960 --> 01:56:50.640
have a beautiful

01:56:50.640 --> 01:56:51.300
rest of your day

01:56:51.300 --> 01:56:52.280
thanks again for joining

01:56:52.280 --> 01:56:53.620
and helping to

01:56:53.620 --> 01:56:54.200
share this out

01:56:54.200 --> 01:56:55.000
if at all possible

01:56:55.000 --> 01:56:55.940
that would be good

01:56:56.680 --> 01:56:57.880
lots of love for now

01:56:57.880 --> 01:56:58.680
Branton

01:56:58.680 --> 01:56:59.620
and everybody here

01:57:00.520 --> 01:57:01.300
See you guys later

01:57:01.300 --> 01:57:01.860
Okay

01:57:04.420 --> 01:57:04.900
and

01:57:04.900 --> 01:57:05.680
let's see

01:57:05.680 --> 01:57:06.180
I just have to

01:57:06.180 --> 01:57:07.120
set this up

01:57:09.640 --> 01:57:10.120
sorry

01:57:10.120 --> 01:57:12.020
to go on the screen

01:57:12.940 --> 01:57:14.360
give me one second

01:57:14.360 --> 01:57:15.640
play us out

01:57:15.640 --> 01:57:16.900
ah that's a different

01:57:16.900 --> 01:57:17.420
podcast

01:57:17.420 --> 01:57:18.280
I'm confused

01:57:18.280 --> 01:57:19.120
who am I

01:57:19.120 --> 01:57:19.260
okay

01:57:19.960 --> 01:57:20.620
okay

01:57:20.620 --> 01:57:21.240
one more

01:57:21.810 --> 01:57:22.600
one more try

01:57:23.120 --> 01:57:24.300
we'll split personality

01:57:24.300 --> 01:57:25.200
problem over here

01:57:25.200 --> 01:57:25.920
and

01:57:25.920 --> 01:57:26.700
we're out